Free Trial

Trendline Resistance At $18.287 Is.....>

SILVER TECHS
SILVER TECHS: Trendline Resistance At $18.287 Is Key
*RES 4: $18.803 - High Sep 6
*RES 3: $18.746 - High Sep 24 and key near-term resistance
*RES 2: $18.287 - Trendline resistance drawn off Sep 9 high
*RES 1: $17.908 - Low Sep 27
*PRICE: $17.720 @ 07:14 BST Oct 3
*SUP 1: $16.891 - Low Oct 1
*SUP 2: $16.540 - Low Aug 13
*SUP 3: $16.493 - 1.00 projection of Sep 4 - Sep 13 decline from Sep 24 high
*SUP 4: $16.337 - 61.8% retracement of May 28 - Sep 4 rally
Silver retraced further yesterday, however this move is viewed as a correction.
Recent sharp that resulted in a break of former support at $17.400, Sep 13 low
are likely to weigh on sentiment overall. A turn lower would expose a retest of
recent lows at $16.891 where a break opens $16.540, Aug 13 low. Trendline
resistance drawn off the Sep 9 high is at $18.287. This also represents the
first key resistance barrier, while it holds the trend remains bearish.

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.