SILVER TECHS: Gains Considered Corrective

• RES 4: $23.606 - High Feb 3
• RES 3: $23.000 - Round number resistance
• RES 2: $22.149 - 50-day EMA
• RES 1: $21.578 - 20-day EMA
• PRICE: $21.118 @ 07:27 GMT Mar 7
• SUP 1: $20.424 - Low Feb 28 and the bear trigger
• SUP 2: $20.265 - 61.8% retracement of the Sep 1 - Feb 2 bull leg
• SUP 3: $20.000 - Psychological round number
• SUP 4: $19.416 - Low Nov 4

Silver remains in a downtrend and gains are considered corrective. The recent move lower exposes $20.265 next, a Fibonacci retracement. Clearance of this level would signal scope for a test and break of the $20.00 handle. Initial resistance to watch is at $21.578, the 20-day EMA. The 50-day EMA intersects at $22.149. The area between these two averages marks a key resistance zone where a break is required to signal a trend reversal.