Free Trial

Sell-Off Exposes The $21.677 Bear Trigger

SILVER TECHS
  • RES 4: $26.008 - High Nov 9 and a bull trigger
  • RES 3: $25.325 - Trendline resistance drawn off the Aug 7 high
  • RES 2: $24.206 - 50-day EMA
  • RES 1: $23.555 - High Nov 26
  • PRICE: $22.196 @ 10:37 GMT Nov 30
  • SUP 1: $21.899 - Low Nov 30
  • SUP 2: $21.677 - Low Sep 24 and the key bear trigger
  • SUP 3: $20.751 - 50.0% retracement of the Mar - Aug rally
  • SUP 4: $20.000 - Psychological round number

Silver remains vulnerable and has traded lower again today. Attention turns to key support at $21.677, the Sep 24 low and bear trigger. A break would reinforce bearish conditions and importantly confirm a resumption of the bear cycle that has been in place since Aug 7. This would open 20.751, a Fibonacci retracement. On the upside, initial firm resistance is seen at $23.555, Nov 26 high.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.