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Silver (CME) (MAY4) intraday: look for a drop towards 27.93 before a bounce

2024-04-18
356

Our pivot point stands at 27.93.

Our preference: look for a drop towards 27.93 before a bounce.

Alternative scenario: the downside breakout of 27.93 would call for 27.75 and 27.57.

Comment: the RSI is above its neutrality area at 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI would call for further downside. Silver (CME) (MAY4) is trading above both its 20 and 50 period moving average (respectively at 28.37 and 28.45).

Supports and resistances:

29.25 **

29.07 *

28.76 **

28.64

28.47 last

28.11

27.93 **

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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