Silver Futures (SL1!) H4 I Bearish pressure approaching key support
Silver Futures (SL1!) H4 I Bearish pressure approaching key support
Type:
Bearish Continuation
Key Levels:
Resistance: 39.545
Pivot: 38.805
Support: 37.720
Preferred Case:
On the H4 chart, the price shows signs of bearish momentum. A move lower toward the 1st Support at 37.720 is favored, especially if the price remains below the Pivot at 38.805.
Alternative Scenario:
If price rebounds and breaks above the Pivot at 38.805, there is potential for a rally toward the 1st Resistance at 39.545.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.