Silver Futures (SI1!) D1 | Overlap Support at 61.8% Fibonacci Retracement
Silver Futures (SI1!) D1 | Overlap Support at 61.8% Fibonacci Retracement
Type:
Bullish Bounce
Key Levels:
Resistance: 32.96
Pivot: 30.22
Support: 28.05
Preferred Case:
Looking at the D1 chart, the price is falling towards an overlap support where it could stabilize once more before reversing to bounce higher. The bullish momentum could cause the price to rise towards the 1st Resistance at 32.96.
Alternative Scenario:
Price may break below the Pivot at 30.22 and fall towards the 1st Support at 28.05.
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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.