Silver (SI, SLV) has fallen hard from its peak price at nearly $50 per ounce and with some stabilization just over $19 an ounce investors are hoping that the worst may be over. After all a 60% haircut in price is pretty extreme. But three different methods of technical analysis suggest that this may just be a pause before another leg lower. Take a look at the weekly chart for the somewhat useful metal below. The first thing that stands out is the bullish Bat harmonic. It shows a Potential Reversal Zone at 13.60 lower before it might reverse back higher. The second is the Descending Triangle pattern that that targets 12.84 on a break below the current support area. The third item that ties them together is that the 88.6% Fibonacci retracement of the move higher from 2009 is right in the middle of that zone at 13.11. A target range of 12.84-13.60.
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Another Leg Down On Silver's Latest Haircut?
Published 01/17/2014, 10:47 AM
Updated 05/14/2017, 06:45 AM
Another Leg Down On Silver's Latest Haircut?
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