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Silver (CME) (MAR4) intraday: the RSI is overbought
2024-03-08
990
Our pivot point is at 23.99.
Our preference: the upside prevails as long as 23.99 is support.
Alternative scenario: the downside breakout of 23.99 would call for 23.84 and 23.68.
Comment: the RSI is above 70. It could mean either that prices are in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Silver (CME) (MAR4) is above its 20 and 50 period moving average (respectively at 23.96 and 23.81).
Supports and resistances:
25.13 **
24.98 *
24.72 **
24.62
24.52 last
24.15
23.99 **
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