Silver Futures: Very Strong Bear Trend
Jason Sen | Sep 30, 2014 01:47AM ET
Silver has fallen every week for 12 weeks, except one when we closed unchanged. Clearly a very strong bear trend therefore. No sign of a bottoming out yet so any short term recovery is a selling opportunity with immediate resistance at 1765/70. This held perfectly yesterday morning in fact but if this does not hold a move higher today look for a selling opportunity at 1790/95. Exit longs and try shorts expecting a high for the day but with stops above 1805.
Yesterday we held the 1745/40 level perfectly on the downside but below here today keeps the market under pressure for a retest of September lows at 1732/27. A break lower always possible in a very strong bear trend and adds pressure to target 1715/10 this week.
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