Silver Futures (SI1!) H4 | Falling to Multi-Swing-low Support
Type:
Bullish Reversal
Key Levels:
Resistance: 32.56
Pivot: 31.15
Support: 30.38
Preferred Case:
Looking at the H4 chart, the price is falling towards a multi-swing-low support - a level where a bullish reversal has previously occurred. It could stabilize around the Pivot before reversing to bounce towards the 1st Resistance at 32.56.
Alternative Scenario:
Price may break below the Pivot at 31.15 and fall towards the 1st Support at 30.38.
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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.