Silver Futures (SI1!) H1 | Falling to an Overlap Support
Type:
Bullish Bounce
Key Levels:
Resistance: 32.495
Pivot: 32.070
Support: 31.895
Preferred Case:
Looking at the H1 chart, the price is falling towards an overlap support and could stabilize around this level before reversing to bounce higher toward the 1st resistance at 32.495.
Alternative Scenario:
Price may break below the Pivot at 32.070 and fall toward the 1st Support at 31.895.
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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.