Silver Breaks 17.24 Support
ICN.com | Oct 01, 2014 05:12AM ET
Silver dropped breaking the support 17.24 which led to further bearishness. The downside move was expected in light of breaking 76.4% correction at 18.21, and breaking the sideways technical triangle formation helped pushing the price to the downside. Linear Regression Indicators are negative and RSI is trading in a bearish bias despite beginning to trading in oversold areas. MACD histogram and signal lines are trading below line zero forcing us to think that the possibility of extending bearishness is avaiable today.
A break above 18.21 fails the negative expectations. For Risk/Reward Ratios to be appropriate, we will depend on stabilizing below 17.80 to keep the negative expectations for today.
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