Silver Futures (SI1!) H4 | Overlap Resistance at 23.6% Fibonacci Retracement
Silver Futures (SI1!) H4 | Overlap Resistance at 23.6% Fibonacci Retracement
Type:
Bearish Reversal
Key Levels:
Resistance: 30.63
Pivot: 30.11
Support: 29.19
Preferred Case:
Looking at the H4 chart, the price is rising toward an overlap resistance where it could potentially reverse to fall lower towards the 1st Support at 29.19.
Alternative Scenario:
Price may break above the Pivot at 30.11 and rise towards the 1st Resistance at 30.63.
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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.