SILVER TECHS: Bullish Engulfing Candle Still In Play
Dec-15 08:06By: Taso Anastasiou
- RES 4: $26.397 - 1.50 proj of the Oct 3 - 20 - Nov 13 price swing
- RES 3: $26.222 - High Apr 18 2022
- RES 2: $26.135 - High May 5 and a key resistance
- RES 1: $24.519/25.761 - 61.8% of Dec 4 - 13 bear leg / High Dec 4
- PRICE: $24.167 @ 08:4 GMT Dec 15
- SUP 1: $22.510 - Low Dec 13 and key short-term support
- SUP 2: $21.883 - Low Nov 13 and a key support
- SUP 3: $20.689 - Low Oct 3 and the bear trigger
- SUP 4: $19.904 - Low Mar 10 and a key support
Silver traded sharply higher Wednesday highlighting a reversal. The metal continued to appreciate yesterday, reinforcing the developing bullish theme. Note too that Wednesday’s price pattern appears to be a bullish engulfing candle. If correct, this highlights potential for a continuation higher. An extension would open $24.519, a Fibonacci retracement. Key resistance is at $25.761, the Dec 4 high. Key support lies at $22.510, Wednesday’s low.
