Silver (CME) (MAY4) intraday: look for a drop towards 28.02 before a bounce
Our pivot point is at 28.02.
Our preference: look for a drop towards 28.02 before a bounce.
Alternative scenario: the downside breakout of 28.02 would call for 27.84 and 27.66.
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 above its 20 and 50 period moving average (respectively at 28.42 and 28.40).
Supports and resistances:
29.36 **
29.18 *
28.88 **
28.76
28.57 last
28.20
28.02 **
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