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Pennant formation *RES 4: $18.803 -....>

SILVER TECHS
SILVER TECHS: Pennant formation
*RES 4: $18.803 - High Sep 6
*RES 3: $18.471 - High Sep 12 and key resistance
*RES 2: $18.194 - High Sep 13
*RES 1: $18.100 - High Sep 17
*PRICE: $17.932 @ 07:10 BST Sep 20
*SUP 1: $17.520 - Low Sep 18
*SUP 2: $17.400 - Low Sep 13 and bear trigger
*SUP 3: $16.970 - 50% retracement of the May 28 - Sep 4 rally
*SUP 4: $16.853 - Low Aug 19
Silver remains bearish. Friday, Sep 13 saw the metal trade to a low of $17.400,
extending the recent sharp reversal and more importantly confirmed a break of
trendline support drawn off Jul 12 low. Recent activity appears to be developing
into a pennant formation, a continuation pattern that reinforces the bearish
theme. Resistance is at $18.194 ahead of $18.471. The focus is on $17.400, a
break would open $16.970, a retracement level and $16.853.

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