October 29, 2024 08:07 GMT
SILVER TECHS: Pullback Considered Corrective
SILVER TECHS
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- RES 4: $36.050 - 2.236 proj of the Aug 8 - 26 - Sep 6 price swing
- RES 3: $35.226 - 61.8% of the 2011 - 2020 major bear leg
- RES 2: $35.167 - 2.00 proj of the Aug 8 - 26 - Sep 6 price swing
- RES 1: $34.903 - High Oct 23
- PRICE: $33.903 @ 08:06 GMT Oct 29
- SUP 1: $32.963 - High Oct 4
- SUP 2: $32.537/31.282 - 20- and 50-day EMA values
- SUP 3: $29.858- Trendline support drawn from the Aug 8 low
- SUP 4: $27.686 - Low Sep 6
Bullish conditions in Silver remain intact and the Oct 18 rally plus last week’s initial extension, reinforce the current trend set-up and confirm a resumption of the uptrend. Short-term weakness is considered corrective. Scope is seen for a climb towards $35.167, a Fibonacci projection. Moving average studies are in a bull-mode position, highlighting a dominant uptrend for now. Initial firm support lies at $32.537, the 20-day EMA.
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