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CFDs on Silver (US$ / OZ)
Short

Silver - Bearish Pressure

By sanko787



Structure:
(-) Rejection of $28 resistance, resulting in a bearish breakdown from upward channel
(+) Breakout above the consolidating triangle after hard drop
(+/-) No trend - lower low, higher high
(-) Negative bias under 18 MA
(+) Strong support at 200 MA
(-) Approaching resistance @ $26.50 with 100 MA and 18 MA
(-) Looming bearish cross of 18 MA under 100 MA

Indicators:
(-) Bearish embedded, but momentum pointing up and may lose embedded reading

Macro:
(-) Strong Dollar
(-) Rotation out of commodities
(-) Risk aversion came out of the market
(?) Friday jobs report

Target:
1st target $25.00
2nd target $23.80
Trend Analysis
sanko787

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