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Crude Futures and Spreads Extend Gains


Expiries for Jan27 NY cut 1000ET (Source DTCC)

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Recent Gains Considered Corrective

  • RES 4: $21.540 - High Jun 27
  • RES 3: $21.242 - High Oct 4 and key resistance
  • RES 2: $20.499 - 76.4% retracement of the Oct 4 - 14 downleg
  • RES 1: $20.039 - 61.8% retracement of the Oct 4 - 14 downleg
  • PRICE: $19.388 @ 08:26 BST Oct 27
  • SUP 1: $18.791/17.967 - Low Oct 25 / Low Sep 28
  • SUP 2: $17.562 - Low Sep 1 and bear trigger
  • SUP 3: $16.955 - Low Jun 15 2020
  • SUP 4: $16.473 - 1.00 proj of the Jun 6 - Jul 14 - Aug 10 price swing

The Silver outlook remains bearish despite the latest gains. The recent move below the 50-day EMA reinforced bearish conditions. This signals scope for a continuation of the reversal that started Oct 4 and the focus is on the next firm support at $17.967, the Sep 28 low. Clearance of this level would open $17.562, the Sep 1 low and the bear trigger. Resistance is seen at $20.039, a Fibonacci retracement.

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