Posts Tagged ‘silver daily technical outlook’
Silver Daily Technical Outlook
Comex Silver (SI)
Intraday bias in Silver remains neutral for the moment as consolidation from 17.69 is still in progress. Some more sideway trading might be seen but downside is expected to be contained by 16.06 cluster support (38.2% retracement of 13.495 to 17.69 at 16.088) and bring rally resumption. Above 17.69 will target 19.55 key resistance next. However, 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
Silver Daily Technical Outlook
Comex Silver (SI)
Silver recovery was limited below 17.69 and consolidations from there continues. Some more sideway trading might be seen but downside is expected to be contained by 16.06 cluster support (38.2% retracement of 13.495 to 17.69 at 16.088) and bring rally resumption. Above 17.69 will target 19.55 key resistance next. However, 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
Silver Daily Technical Outlook
Comex Silver (SI)
Silver’s consolidation from 17.69 is still in progress and might extend further. But still, downside is expected to be contained by 16.06 cluster support (38.2% retracement of 13.495 to 17.69 at 16.088) and bring rally resumption. Above 17.69 will target 19.55 key resistance next. However, 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
Silver Daily Technical Outlook
Comex Silver (SI)
Silver’s pull back from 17.69 is still in progress and extends further today. As discussed before, a short term top is in place with bearish divergence conditions in 4 hour MACD and RSI. Some more consolidations could still be seen but downside is expected to be contained by 16.06 cluster support (38.2% retracement of 13.495 to 17.69 at 16.088) and bring rally resumption. Above 17.69 will target 19.55 key resistance next. However, 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
Silver Daily Technical Outlook
Comex Silver (SI)
Break of 17.17 minor support, with 4 hours MACD crossed below signal line indicates that an intraday top is formed. Also, considering bearish divergence conditions in 4 hours MACD and RSI, a short term top is likely in place at 17.69 too. Intraday outlook is turned neutral for the moment and some more consolidation could now be seen but downside should be contained by 16.06 cluster support (38.2% retracement of 13.495 to 17.69 at 16.088). ABove 17.69 will target 19.55 resistance next. However, 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.
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
Silver Daily Technical Outlook
Comex Silver (SI)
Silver retreats mildly after rising to 17.69 but still intraday bias remains on the upside as long as 17.166 minor support holds. Further rise should still be seen towards next key resistance at 19.55. On the downside, below 17.166 will turn intraday outlook neutral and bring consolidation. But downside should be contained by 16.06 support and bring rally resumption. However, break of 16.06 will indicate that a short term top is formed and bring deeper pull back to 13.495/15.185 support zone.
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
Silver Daily Technical Outlook
Comex Silver (SI)
Silver’ rally resumes after brief consolidation and reaches as high as 17.37 so far. Short term outlook will remain bullish as long as 16.42 support holds. Sustained trading above 16.96 projection target now set the stage for further rise to next key resistance at 19.55. On the downside, below 16.42 will indicate that a short term top is formed and bring deeper pull back to 13.495/15.185 support zone.
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
Silver Daily Technical Outlook
Comex Silver (SI)
Intraday bias in silver remains neutral for the moment as consolidation continues between 16.06 and 17.01. Nevertheless, further rally is still in favor as long as 16.061 minor support holds. Above 17.015 will target next key resistance at 19.55. However, considering mild bearish divergence conditions in 4 hours MACD and RSI, break of 16.061 will suggest that a short term top is formed after Silver met 100% projection of 11.725 to 16.25 from 12.435 at 16.96. In such case, deeper pull back would probably be seen to 13.495/15.185 support zone.
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
Silver Daily Technical Outlook
Comex Silver (SI)
With 4 hours MACD crossed below signal line again, intraday outlook in Silver is turned neutral. Nevertheless, further rally is still in favor as long as 16.061 minor support holds. Above 17.015 will target next key resistance at 19.55. However, considering mild bearish divergence conditions in 4 hours MACD and RSI, break of 16.061 will suggest that a short term top is formed after Silver met 100% projection of 11.725 to 16.25 from 12.435 at 16.96. In such case, deeper pull back would probably be seen to 13.495/15.185 support zone.
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
Silver Daily Technical Outlook
Comex Silver (SI)
Silver’s rally resumes after brief pull back and edges higher to 16.97, meeting mentioned 100% projection of 11.725 to 16.25 from 12.435 at 16.96. Intraday bias will now stay on the upside as long as 16.06 minor support holds. Sustained trading above 16.96 will target next key resistance level at 19.55. On the downside, below 16.06 will argue that a short term top is already in place and bring lengthier consolidation. But after all, downside is expected to be contained above 14.54 support and bring rally resumption.
In the bigger picture, the break of 16.25 resistance confirms that whole medium term rise from 8.4 has resumed. Further rally could now be seen 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
