Corrective Pullback
Jan-27 00:32By: Taso Anastasiou
Oil Bullets+ 1
- RES 4: $26.002 - High Aug 4 2021
- RES 3: $25.406 - High Nov 16
- RES 2: $24.886 - High Nov 22
- RES 1: $24.700 - High Jan 20
- PRICE: $23.726 @ 07:22 GMT Jan 26
- SUP 1: $23.391 - Low Jan 19
- SUP 2: $22.809/21.949 - Low Jan 17 / Low Jan 7
- SUP 3: $21.427/423 - Low Dec 15 / Low Sep 29 and key support
- SUP 4: $20.871 - 50.0% retracement of the Mar ‘20 - Feb ‘21 rally
Silver is off its recent highs but technical conditions remain bullish. The rally last week resulted in a breach of key short-term resistance at $23.436, Dec 28 high, reinforcing bullish conditions following the recent bounce from $21.949, Jan 7 low. The move through $23.436 also highlights a bullish price sequence of higher highs and higher lows. Scope is seen for gains towards $24.886 next, the Nov 22 high. A firm support has been defined at $22.809.
