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SILVER TECHS: CYCLE HIGHS REMAIN WITHIN REACH

SILVER TECHS


  • RES 4: $35.365 - High Oct 1 2012
  • RES 3: $30.720 - 50% retracement of the 2011 - 2020 downtrend
  • RES 2: $30.276 - 2.0% Upper Bollinger Band
  • RES 1: $29.859 - High Aug 7
  • PRICE: $25.22 @ 08:06 BST Aug 11
  • SUP 1: $22.317 - Low Jul 28 and key near-term support
  • SUP 2: $22.261 - Low Jul 21
  • SUP 3: $21.283 - Low Jul 22

Silver extended its pullback from Friday's multi-year highs Tuesday, falling to new weekly lows and through 27.381. Despite this only putting markets at the lowest level in three days, this still represented a more than 7% drop. The sizeable Tuesday red candle represent a bearish development and will be a large hurdle for bulls at this juncture. The RSI has now pulled out of technical overbought territory, suggesting we may see more consolidation here. Initial key support lies at $25.560, a Fib retracement.

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Energy BulletsCommodities

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