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Trend Needle Points South

SILVER TECHS
  • RES 4: $21.967 - High Jun 17
  • RES 3: $21.540 - High Jun 27
  • RES 2: $20.187/21.242 - High Oct 10 / 4 and key resistance
  • RES 1: $19.330 - 50-day EMA
  • PRICE: $18.454 @ 08:09 BST Oct 21
  • SUP 1: $17.967 - Low Sep 28
  • SUP 2: $17.562 - Low Sep 1 and bear trigger
  • SUP 3: $16.955 - Low Jun 15 2020
  • SUP 4: $16.473 - 1.00 proj of the Jun 6 - Jul 14 - Aug 10 price swing

Silver remains vulnerable and last week’s move lower has reinforced the bearish condition. The 50-day EMA has been cleared. This signals scope for a continuation of the current bear leg and the focus is on the next support at $17.967, the Sep 28 low. Clearance of this level would open $17.562, the Sep 28 low and the bear trigger. Initial resistance is seen at $19.330, the 50-day EMA.

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