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Recovers From Its Recent Lows

SILVER TECHS
Metals bulletMetals Technical AnalysisHomepagemarkets-real-timeCommoditiesBulletMarketsForeign Exchange Bullets
  • RES 4: $35.736 - 1.236 proj of Jan 22 - Apr 12 - May 2 price swing
  • RES 3: $35.226 - 50.0% of the Apr 2011 - Mar 2020 bear leg
  • RES 2: $33.880 - 1.00 proj of the Jan 22 - Apr 12 - May 2 price swing
  • RES 1: $30.853/32.518 - High May 20 and bull trigger / High Jun 21
  • PRICE: $20.902 @ 08:09 BST Jul 3
  • SUP 1: $28.573- Low Jun 26
  • SUP 2: $27.971 - Low May 13
  • SUP 3: $26.018 - Low May 2 and a key support
  • SUP 4: $24.328 - Low Mar 27

Silver is recovering from its recent lows. Support at $28.659, Jun 13 low and bear trigger, has recently been pierced. A clear break of it would strengthen a bearish theme and open $27.971, May 13 low. Note that MA studies are in a bull-mode set-up. This highlights a M/T uptrend and suggests that the bear leg since $32.518, the May 20 high, is likely a correction. First resistance to watch is $30.853, the Jun 21 high. A break would be a bullish development.

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  • RES 4: $35.736 - 1.236 proj of Jan 22 - Apr 12 - May 2 price swing
  • RES 3: $35.226 - 50.0% of the Apr 2011 - Mar 2020 bear leg
  • RES 2: $33.880 - 1.00 proj of the Jan 22 - Apr 12 - May 2 price swing
  • RES 1: $30.853/32.518 - High May 20 and bull trigger / High Jun 21
  • PRICE: $20.902 @ 08:09 BST Jul 3
  • SUP 1: $28.573- Low Jun 26
  • SUP 2: $27.971 - Low May 13
  • SUP 3: $26.018 - Low May 2 and a key support
  • SUP 4: $24.328 - Low Mar 27

Silver is recovering from its recent lows. Support at $28.659, Jun 13 low and bear trigger, has recently been pierced. A clear break of it would strengthen a bearish theme and open $27.971, May 13 low. Note that MA studies are in a bull-mode set-up. This highlights a M/T uptrend and suggests that the bear leg since $32.518, the May 20 high, is likely a correction. First resistance to watch is $30.853, the Jun 21 high. A break would be a bullish development.