Downtrend Intact Below 21-DMA *RES.....>

SILVER TECHS: Downtrend Intact Below 21-DMA

*RES 4: $15.671 - High July 26 

*RES 3: $15.610 - High July 31 

*RES 2: $15.554 - High August 3 

*RES 1: $15.518 - 21-DMA 

*PRICE: $15.422 @ 0625GMT 

*SUP 1: $15.248 - Low August 3 

*SUP 2: $14.790 - Low April 2016 

*SUP 3: $14.474 - Low February 29 2016 

*SUP 4: $13.648 - Low December 14 2015 

The sideways trading seen over recent weeks looks increasingly like a

consolidation pattern that will give way to further weakness rather than a

basing pattern that will give way to a rebound. Crucial to this outlook will be

the 21-DMA, which continues to cap price action, currently at $15.518. Should

bulls manage to close above here, a reversal would look likely. In contrast, a

break below the August 3 lows of $15.248 would suggest further downside.