SILVER : SHORT-TERM REVERSAL ?
- Since the end of February, the market has been accelerating upward, making higher highs and lows, and trading above a bullish trendline.
The short-term trend is therefore bullish.
- However, since the impact on a 3-month high at $25.15, a sharp price sell-off has taken place on the white metal. The market suddenly pulled-back just above its first available support zone, in contact with its bullish trend line.
The moving averages are reversing due to this blow of volatility, and the RSI indicator even shows a breakout of the upcoming trend line to come, now evolving in the selling zone.
- The strong bearish reaction upon contact with longer-term resistance, combined with the selling signals sent by technical indicators, tend to suggest that the bullish trend is coming to an end.
If the $24.65/$24.80 zone were to be broken soon, the trend would then be completely invalidated and new bearish targets around $24.42, $24.00 then $23.60 would emerge.
Pierre Veyret, Technical Analyst at ActivTrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
The short-term trend is therefore bullish.
- However, since the impact on a 3-month high at $25.15, a sharp price sell-off has taken place on the white metal. The market suddenly pulled-back just above its first available support zone, in contact with its bullish trend line.
The moving averages are reversing due to this blow of volatility, and the RSI indicator even shows a breakout of the upcoming trend line to come, now evolving in the selling zone.
- The strong bearish reaction upon contact with longer-term resistance, combined with the selling signals sent by technical indicators, tend to suggest that the bullish trend is coming to an end.
If the $24.65/$24.80 zone were to be broken soon, the trend would then be completely invalidated and new bearish targets around $24.42, $24.00 then $23.60 would emerge.
Pierre Veyret, Technical Analyst at ActivTrades
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
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