SILVER TECHS: Trendline Break Highlights Bearish Threat
Jan-12 07:40By: Taso Anastasiou
- RES 4: $26.135 - High May 5 and a key resistance
- RES 3: $25.761 - High Dec 4 and key resistance
- RES 2: $24.606/994 - High Dec 22 / 76.4% of Dec 4 - 13 bear leg
- RES 1: $23.517 - 50-day EMA
- PRICE: $22.889 @ 07:30 GMT Jan 12
- SUP 1: $22.476 - Low Jan 11
- 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 lower Thursday. Recent weakness resulted in a break of a trendline drawn from the Oct 5 low. This highlights a bearish threat and exposes key support at $22.510, the Dec 13 low. This level was pierced yesterday, a clear break of it would signal scope for a continuation lower and open $21.883, the Nov 13 low. Key short-term resistance is at $24.606, the Dec 22 high. A move above this level would reinstate a bullish theme.
