Bounce Considered Corrective
Mar-16 01:57By: Taso Anastasiou
Oil Bullets+ 1
- RES 4: $27.831 - High Jun 16
- RES 3: $26.775/27.245 - High Jul 6 and key resistance / High Jun 17
- RES 2: $26.467 - High Jul 14
- RES 1: $25.477/761 - High Jul 23 / High Jul 19
- PRICE: $25.293 @ 07:37 BST Jul 29
- SUP 1: $24.496 - Low Jul 28
- SUP 2: $24.257 - Low Apr 1
- SUP 3: $23.781 - Low Mar 31and key support
- SUP 4: $23.524 - Low Dec 7, 2020
Silver traded lower Tuesday confirming a resumption of the downtrend. Price has since recovered although gains are likely corrective. The outlook remains bearish with the price sequence of lower lows and lower highs continuing to dominate. Attention is on $24.257, Apr 1 low and key support at $23.781, the Mar 31 low. Moving average studies also point south, reinforcing the current trend direction. Initial resistance is at $25.477, Jul 23 high.
