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Outlook Remains Bearish *RES 4:........>
SILVER TECHS: Outlook Remains Bearish
*RES 4: $18.228 - High Nov 4
*RES 3: $18.107 - Channel top drawn off Sep 24 high
*RES 2: $17.675 - High Nov 7
*RES 1: $17.145 - High Nov 8
*PRICE: $16.952 @ 06:58 GMT Nov 13
*SUP 1: $16.646 - Low Nov 12
*SUP 2: $16.540 - Low Aug 13
*SUP 3: $16.363 - Projected bear channel base drawn off Sep 24 high
*SUP 4: $16.337 - 61.8% retracement of May 28 - Sep 4 rally
Silver maintains a bearish theme following sharp losses last week. Friday saw
the downside extend resulting in a break of the former key support at $16.891,
Oct 1 low. The break represents and important technical development as it
confirms a resumption of the downtrend that has been in place since prices
peaked on Sep 4. Attention is on a move lower towards $16.540 next. On the
upside, resistance is at $17.675, Nov 11 high.
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