Silver Futures (SI1!) H1 | Overlap Resistance at 61.8% Fibonacci Retracement
Silver Futures (SI1!) H1 | Overlap Resistance at 61.8% Fibonacci Retracement
Type:
Bearish Reversal
Key Levels:
Resistance: 32.66
Pivot: 32.38
Support: 31.71
Preferred Case:
Looking at the H1 chart, the price is rising towards an overlap resistance where it could stall before reversing to fall lower toward the 1st Support at 31.71. The presence of the red Ichimoku Cloud adds further significance to the strength of the bearish momentum.
Alternative Scenario:
Price may break above the Pivot at 32.38 and rise towards the 1st Resistance at 32.66.
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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.