Bearish Focus
Apr-08 06:40By: Taso Anastasiou
Oil Bullets+ 1
- RES 4: $27.831 - High Jun 16 2021
- RES 3: $27.245 - High Jun 17 2021
- RES 2: $26.063/943 - High Mar 10 / High Mar 8 and the bull trigger
- RES 1: $25.847 - High Mar 24
- PRICE: $24.622 @ 07:22 BST Apr 8
- SUP 1: $23.974 - Low Mar 29 and the bear trigger
- SUP 2: $23.850 - Low Feb 24
- SUP 3: $23.173 76.4% retracement of the Feb 3 - Mar 8 rally
- SUP 4: $23.082 - Low Feb 15
Silver resistance is unchanged at $25.847, the Mar 24 high. A short-term bearish theme remains intact and potential is seen for a deeper retracement. Price continues to challenge support at the 50-day EMA, at $24.521. This EMA marks an important support and a clear break would signal scope for a deeper pullback. For bulls, a move above $26.00 would alter the picture and refocus attention on $26.943, the Mar 8 high.
