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SILVER TECHS: Bear Cycle Remains Intact

SILVER TECHS
Metals bulletMetals Technical AnalysisCommodities TechBulletMarketsForeign Exchange BulletsCommodities
  • RES 4: $35.226 - 61.8% of the 2011 - 2020 major bear leg  
  • RES 3: $35.167 - 2.00 proj of the Aug 8 - 26 - Sep 6 price swing 
  • RES 2: $33.125/34.903 - High Nov 1 / High Oct 23 and the bull trigger
  • RES 1: $31.794 - 20-day EMA                         
  • PRICE: 30360@ 08:17 GMT Nov 15 
  • SUP 1: $29.677 - Low Nov 14      
  • SUP 2: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle 
  • SUP 3: $27.686 - Low Sep 6 
  • SUP 4: $26.451 - Low Aug 8  

Bullish conditions in Silver remain intact and the bear cycle that started on Oct 23 is considered corrective - for now. However this corrective cycle remains in play and the metal continues to weaken. Price has breached the 20- and 50-day EMAs, and cleared $30.622, a trendline support drawn from the Aug 8 low. This has exposed $28.446, a Fibonacci retracement. Initial firm resistance to watch is $31.794, the 20-day EMA.

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  • RES 4: $35.226 - 61.8% of the 2011 - 2020 major bear leg  
  • RES 3: $35.167 - 2.00 proj of the Aug 8 - 26 - Sep 6 price swing 
  • RES 2: $33.125/34.903 - High Nov 1 / High Oct 23 and the bull trigger
  • RES 1: $31.794 - 20-day EMA                         
  • PRICE: 30360@ 08:17 GMT Nov 15 
  • SUP 1: $29.677 - Low Nov 14      
  • SUP 2: $28.446 - 76.4% retracement of the Aug 8 - Oct 23 bull cycle 
  • SUP 3: $27.686 - Low Sep 6 
  • SUP 4: $26.451 - Low Aug 8  

Bullish conditions in Silver remain intact and the bear cycle that started on Oct 23 is considered corrective - for now. However this corrective cycle remains in play and the metal continues to weaken. Price has breached the 20- and 50-day EMAs, and cleared $30.622, a trendline support drawn from the Aug 8 low. This has exposed $28.446, a Fibonacci retracement. Initial firm resistance to watch is $31.794, the 20-day EMA.