Free Trial

Trading below trendline resistance.....>

SILVER TECHS
SILVER TECHS: Trading below trendline resistance
*RES 4: $15.643 - High March 21
*RES 3: $15.568 - High Jun 21 and key bull trigger
*RES 2: $15.471 - High Jul 3
*RES 1: $15.387 - Trendline resistance drawn off the Jun 21 high
*PRICE: $15.138 @ 07:30 BST Jul 12
*SUP 1: $15.044 - Low Jul 10
*SUP 2: $14.897 - Low Jul 5 and key bear trigger
*SUP 3: $14.777 - 61.8% retracement of the May 28-Jun 21 rally
*SUP 4: $14.730 - Low Jun 12
Silver trendline support drawn off the May 28 low was breached last Friday and
the metal retraced to 50% the May 28-Jun 21 rally at $14.928. Despite the recent
recovery, the metal continues to trade below this trendline and below a
trendline resistance that intersects at $15.387. The trendline is drawn off the
Jun 21 high. Clearance of $15.387 would reinstate a bullish theme and open
$15.568, the key trigger for bulls. Key support is at $14.896.

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.