Pivot: 21.50
Our preference: Below 21.5, look for further downside with 17.2 14.7 as next targets.
Alternative scenario: An upside breakout of 21.5 would open the way towards 28.
Comment: silver prices stand within a declining channel. In addition, the descending 50-day moving average suggests that silver prices still have potential for a decline.
Trend: ST Ltd downside; MT Bearish, we have been bearish since 21 DEC 2012 (30.1).
Key levels Comment
28 Horizontal resistance
24.85 Horizontal resistance
21.5 Pivot point
19.95 Last
17.2 Horizontal support
14.7 Horizontal support
12.5 Horizontal support
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