Analysis | Commodity Technical Analysis |
Written by Autochartist |
Wed Mar 28 12 23:27 ET
Silver futures took a beating in Wednesday's trading session, following the rest of the precious metals as both stocks and commodities finished the day in the red. The price action in silver is of interest when viewing the chart analysis on the 30-minute time frame. Autochartist has identified the latest pivot range on this chart, with the price of silver revolving around the key level indicator shown at $32.02 per ounce.
This key level has been a remarkably stable point for positioning on the chart. Having established a length of 161 candles so far, the initial range held very close to the level and has since expanded outward in both directions as the longer term direction is sought by speculators.In what appeared at first to be a successful trend shift to the upside, silver breached the key level on Tuesday and heavy selling pressure ensued.
The market did manage to find solid footing near the $31.47 support area. A reversal from this low point would be encouraging for another rally to new highs. Meanwhile, the short term key level failure implies the weakness may be entrenched. Silver ay fall below $30 per ounce once again if the precious metals traders can't push current resistance level.
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