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Still Looking For A Move Lower

SILVER TECHS
  • RES 4: $28.328 - High Feb 23 and key resistance
  • RES 3: $27.595 - High Feb 26
  • RES 2: $27.081 - High Mar 1 and firm near-term resistance
  • RES 1: $26.459 - High Mar 11
  • PRICE: $26.067 @ 07:10 GMT Mar 16
  • SUP 1: $24.836/700 - Low Mar 5 / Low Jan 27
  • SUP 2: $24.057 - Jan 18 low and a key support
  • SUP 3: $23.524 - Low Dec 7
  • SUP 4: $22.591 - Low Dec 1

Silver is consolidating. A bearish risk remains intact and the sell-off between Feb 23 - Mar 5 reinforces this current theme. A former key support at $25.905, Feb 4 low has been cleared and this sets the scene for a deeper pullback exposing $24.700, Jan 27 low ahead of the Jan 18 low at $24.057. On the upside, firm near-term resistance is seen at $27.081, Mar 1 high. Initial resistance is at $26.459, the Mar 11 high.

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