Silver Futures (SI1!) H1 | Approaching Overlap Resistance
Type:
Bearish Reversal
Key Levels:
Resistance: 29.03
Pivot: 28.57
Support: 28.01
Preferred Case:
Looking at the H1 chart, my overall bias for silver futures (SI1!) is bearish due to the price trading in a prolonged downtrend and the presence of a bearish Ichimoku Cloud. The price could rise towards the Pivot and stall around this level before reversing to drop towards the 1st Support at 28.01.
Alternative Scenario:
Price may break above the Pivot at 28.57 and rise towards the 1st Resistance at 29.03.
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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.