Silver Futures (SI1!) H4 | Pullback Resistance at 61.8% Fibonacci Retracement
Silver Futures (SI1!) H4 | Pullback Resistance at 61.8% Fibonacci Retracement
Type:
Bearish Reversal
Key Levels:
Resistance: 29.63
Pivot: 28.38
Support: 26.59
Preferred Case:
Looking at the H4 chart, my overall bias for Silver futures (SI1!) is bearish due to the price trading under the bearish Ichimoku Cloud and a descending trendline. The price could reverse off the pivot and fall toward the 1st Support at 26.59.
Alternative Scenario:
Price may break above the pivot at 28.38 and rise towards the 1st Resistance level at 29.63.
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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.