SILVER TECHS: Bullish Pennant Formation
Nov-24 08:08By: Taso Anastasiou
- RES 4: $25.267 - High Jul 20 and a key resistance
- RES 3: $25.014 - High Aug 30
- RES 2: $24.298 - High Sep 4
- RES 1: $24.146 - High Nov 17
- PRICE: $23636@ 08:05 GMT Nov 24
- SUP 1: $23.015 - 50-day EMA
- SUP 2: $21.883/573 - Low Nov 13 and a key support / Low Oct 9
- SUP 3: $20.689 - Low Oct 3 and the bear trigger
- SUP 4: $19.904 - Low Mar 10 and a key support
Silver is in consolidation mode and the latest pause appears to be a pennant formation - a bullish continuation signal. This reinforces the current uptrend. The metal recently cleared $23.774, the Sep 22 high and has pierced the $24.00 handle. A continuation higher would signal scope for a climb towards $25.014, the Aug 30 high. Initial support lies at $23.015, the 50-day EMA. Key short-term support has been defined at $21.883, Nov 13 low.
