Posts Tagged ‘silver daily technical outlook’
Silver Daily Technical Outlook
Comex Silver (SI)
With 4 hours MACD staying below signal line, intraday outlook in Silver remains neutral for the moment and some more consolidation could be seen. Nevertheless, since the break of 17.69 resistance indicate that rise from 12.435 has resumed, current retreat is expected to be contained above 16.785 and bring rally resumption. Above 17.95 will target 61.8% projection of 13.495 to 17.69 from 15.76 at 18.35 next.
In the bigger picture, whole medium term rise from 8.4 is still in progress and should extend further towards 19.55 resistance next. However, note that we’re not seeing a clear impulsive structure from 8.4 yet and hence, we’d treat such rise as part of the long term, wide range, consolidation pattern that started at 21.44 back in Mar 08. In other words, current rise from 8.4 is expected to be limited by 19.55/21.44 resistance zone and bring at least one more medium term fall. On the downside, break of 15.76 support will be the first sign of topping. Further break of 12.435 will confirm that rise from 8.4 is finished.
Comex Silver Continuous Contract 4 Hours Chart
Comex Silver Continuous Contract Daily Chart
Silver Daily Technical Outlook
Comex Silver (SI)
With 4 hours MACD crossed below signal line, an intraday top is in place and some consolidation could be seen. Nevertheless, pull back is expected to be contained above 16.785 support and bring rally resumption. Current rise from 15.76 should extend further to 61.8% projection of 13.495 to 17.69 from 15.76 at 18.35 next. However, break of 16.785 support will argue that a short term top is at least formed and will flip intraday bias back to the downside for 15.76 support first.
In the bigger picture, whole medium term rise from 8.4 is still in progress and should extend further towards 19.55 resistance next. However, note that we’re not seeing a clear impulsive structure from 8.4 yet and hence, we’d treat such rise as part of the long term, wide range, consolidation pattern that started at 21.44 back in Mar 08. In other words, current rise from 8.4 is expected to be limited by 19.55/21.44 resistance zone and bring at least one more medium term fall. On the downside, break of 15.76 support will be the first sign of topping. Further break of 12.435 will confirm that rise from 8.4 is finished.
Comex Silver Continuous Contract 4 Hours Chart
Comex Silver Continuous Contract Daily Chart
Silver Daily Technical Outlook
Comex Silver (SI)
Silver’s break of 17.69 resistance confirms that whole rise from 12.345 has resumed. At this point, intraday bias will remain on the upside and further rise should be seen to 61.8% projection of 13.495 to 17.69 from 15.76 at 18.35 next. On the downside, below 17.30 minor support will turn intraday outlook neutral and bring consolidation. But downside should be contained above 16.785 resistance turned support and bring rally resumption.
In the bigger picture, whole medium term rise from 8.4 is still in progress and should extend further towards 19.55 resistance next. However, note that we’re not seeing a clear impulsive structure from 8.4 yet and hence, we’d treat such rise as part of the long term, wide range, consolidation pattern that started at 21.44 back in Mar 08. In other words, current rise from 8.4 is expected to be limited by 19.55/21.44 resistance zone and bring at least one more medium term fall. On the downside, break of 15.76 support will be the first sign of topping. Further break of 12.435 will confirm that rise from 8.4 is finished.
Comex Silver Continuous Contract 4 Hours Chart
Comex Silver Continuous Contract Daily Chart
Silver Daily Technical Outlook
Comex Silver (SI)
Silver’s rally extends further today and is set to take on 17.69 high. Break there will confirm rally resumption and should target next key resistance at 19.44. on the downside, below 16.815 minor support will indicate that rebound from 15.76 might have completed. This will in turn indicate that consolidation from 17.69 is still in progress with another fall to retest 15.76 before completion.
In the bigger picture, while a short term top is formed at 17.69, there is no indication of completion of rise from 8.4 yet. Such medium term rise is still in favor to continue after finishing the pull back from 17.69. Nevertheless, note that we’re not seeing a clear impulsive structure from 8.4 yet and hence, we’d treat such rise as part of the long term, wide range, consolidation pattern that started at 21.44 back in Mar 08. In other words, current rise from 8.4 is expected to be limited by 19.55/21.44 resistance zone and bring at least one more medium term fall.
On the downside, however, break of 12.435 support will in turn indicate that whole rise from 8.4 has completed. That is, the third wave of the consolidation pattern from 21.44 has possibly started in such case, targeting a new low below 8.4.
Comex Silver Continuous Contract 4 Hours Chart
Comex Silver Continuous Contract Daily Chart
Silver Daily Technical Outlook
Comex Silver (SI)
With 4 hours MACD crossed below signal line, recovery from 15.76 should have completed at 16.78 already. Intraday bias is flipped back to the downside and further fall should be seen to 15.76 and possibly below to 15.185 resistance turned support. On the upside, though, above 16.785 will indicate that rebound from 15.76 is resuming. Also, this will argue that correction from 17.69 has completed and will bring retest of this high first.
In the bigger picture, whole medium term rise from 8.4 is still in progress and could probably continue towards next key resistance level at 19.55. Nevertheless, we’re not seeing a clear impulsive structure from 8.4 yet and hence, we’d treat such rise as part of the long term, wide range, consolidation pattern that started at 21.44 back in Mar 08. In other words, current rise from 8.4 is expected to be limited by 19.55/21.44 resistance zone and bring at least one more medium term fall. On the downside, break of 12.435 support is needed to confirm that rise from 8.4 has completed. Otherwise, medium term outlook will be neutral at worst even in case of deep pullback.
Comex Silver Continuous Contract 4 Hours Chart
Comex Silver Continuous Contract Daily Chart
Silver Daily Technical Outlook
Comex Silver (SI)
Silver’s rebound from 15.74 is still in progress and further rise could be seen. But still, risk remains on the downside as long as 17.345 minor resistance holds. Below 16.22 minor support will argue that fall from 17.69 is resuming for 15.185 resistance turned support next. However, break of 17.345 will indicate that recent rally is indeed still in progress for another high above 17.69 before completion.
In the bigger picture, whole medium term rise from 8.4 is still in progress and could probably continue towards next key resistance level at 19.55. Nevertheless, we’re not seeing a clear impulsive structure from 8.4 yet and hence, we’d treat such rise as part of the long term, wide range, consolidation pattern that started at 21.44 back in Mar 08. In other words, current rise from 8.4 is expected to be limited by 19.55/21.44 resistance zone and bring at least one more medium term fall. On the downside, break of 12.435 support is needed to confirm that rise from 8.4 has completed. Otherwise, medium term outlook will be neutral at worst even in case of deep pullback.
Comex Silver Continuous Contract 4 Hours Chart
Comex Silver Continuous Contract Daily Chart
Silver Daily Technical Outlook
Comex Silver (SI)
Silver’s recovery from 15.76 is still in progress and is now pressing 4 hours 55 EMA. Some more rise might still be seen but after all, risk remains on the downside as long as 17.345 resistance holds. Whole rally from 12.435 might have completed at 17.69 already. Break of 15.76 will bring deeper fall towards 15.185 resistance turned support next. However, break of 17.345 will indicate that recent rally is indeed still in progress for another high above 17.69 before completion.
In the bigger picture, whole medium term rise from 8.4 is still in progress and could probably continue towards next key resistance level at 19.55. Nevertheless, we’re not seeing a clear impulsive structure from 8.4 yet and hence, we’d treat such rise as part of the long term, wide range, consolidation pattern that started at 21.44 back in Mar 08. In other words, current rise from 8.4 is expected to be limited by 19.55/21.44 resistance zone and bring at least one more medium term fall. On the downside, break of 12.435 support is needed to confirm that rise from 8.4 has completed. Otherwise, medium term outlook will be neutral at worst even in case of deep pullback.
Comex Silver Continuous Contract 4 Hours Chart
Comex Silver Continuous Contract Daily Chart
Silver Daily Technical Outlook
Comex Silver (SI)
With 4 hours MACD crossed above signal line, an intraday low is in place in Silver at 15.76 and some consolidation could now be seen. Nevertheless, risk remains on the downside as long as 17.345 resistance holds. As discussed before, whole rise from 12.435 might have completed at 17.69 already. Below 15.76 will bring fall resumption to 15.185 resistance turned support next. However, break of 17.345 will indicate that recent rally is indeed still in progress for another high above 17.69 before completion.
In the bigger picture, whole medium term rise from 8.4 is still in progress and could probably continue towards next key resistance level at 19.55. Nevertheless, we’re not seeing a clear impulsive structure from 8.4 yet and hence, we’d treat such rise as part of the long term, wide range, consolidation pattern that started at 21.44 back in Mar 08. In other words, current rise from 8.4 is expected to be limited by 19.55/21.44 resistance zone and bring at least one more medium term fall. On the downside, break of 12.435 support is needed to confirm that rise from 8.4 has completed. Otherwise, medium term outlook will be neutral at worst even in case of deep pullback.
Comex Silver Continuous Contract 4 Hours Chart
Comex Silver Continuous Contract Daily Chart
Silver Daily Technical Outlook
Comex Silver (SI)
At this point, intraday bias in Silver remains on the downside with 16.41 minor resistance intact. As discussed before, whole rise from 12.435 might have completed at 17.69 already. Further fall should now be seen to 15.185 resistance turned support next. On the upside, above 16.41 minor resistance will turn intraday bias neutral first. But risk remains on the downside as long as 17.345 resistance holds. However, break of 17.345 will indicate that recent rally is indeed still in progress for another high above 17.69 before completion.
In the bigger picture, whole medium term rise from 8.4 is still in progress and could probably continue towards next key resistance level at 19.55. Nevertheless, we’re not seeing a clear impulsive structure from 8.4 yet and hence, we’d treat such rise as part of the long term, wide range, consolidation pattern that started at 21.44 back in Mar 08. In other words, current rise from 8.4 is expected to be limited by 19.55/21.44 resistance zone and bring at least one more medium term fall. On the downside, break of 12.435 support is needed to confirm that rise from 8.4 has completed. Otherwise, medium term outlook will be neutral at worst even in case of deep pullback.
Comex Silver Continuous Contract 4 Hours Chart
Comex Silver Continuous Contract Daily Chart
Silver Daily Technical Outlook
Comex Silver (SI)
Silver falls sharply to as low as 16.08 but is still holding above 16.06 cluster support (38.2% retracement of 13.495 to 17.69 at 16.088) so far. As long as this support holds we’d expect consolidation from 17.69 to be relatively brief. Above 17.045 minor resistance will flip intraday bias back to the upside for retesting 17.69 high first. However, note that decisive break of 16.06 will indicate that whole rise from 12.435 might have completed too and will bring deeper pull back to 13.495/15.185 support zone instead.
In the bigger picture, whole medium term rise from 8.4 is still in progress and could probably continue towards next key resistance level at 19.55. Nevertheless, we’re not seeing a clear impulsive structure from 8.4 yet and hence, we’d treat such rise as part of the long term, wide range, consolidation pattern that started at 21.44 back in Mar 08. In other words, current rise from 8.4 is expected to be limited by 19.55/21.44 resistance zone and bring at least one more medium term fall. On the downside, break of 12.435 support is needed to confirm that rise from 8.4 has completed. Otherwise, medium term outlook will remain bullish even in case of deep pullback.
Comex Silver Continuous Contract 4 Hours Chart
Comex Silver Continuous Contract Daily Chart
