20 May 2019
Silver technical analysis: Bears cautious on bullish momentum and coiled RSI
- Silver is slightly higher in Asia but has been in a significant decline late Feb and from the 16.25 highs, breaking a major resistance at 14.82 and more recently, 14.5596.
- We have had a touch-down just above 14.3470 as the next fractal downside target ahead of 14.2400/50, (10th and 31st Oct lows), while prices are submerged by the 20, 50 and 200 moving averages on both the 4HR and daily charts.
- The bearish candles make for a bearish case as well.
- However, the bullish divergence on daily oversold stochastics and daily coiled RSI, (albeit not deeply oversold), do not bode particularly well for the bears.
- 14.6335 is the 50% reversion of the recent 14th May swing highs to lows. 14.62 was a major fractal level on a weekly basis.
- The 13th May fractal low is at 14.6186.
