Silver Price Analysis: Bulls looking to reengage
|- Silver bulls step in at a 50% mean reversion.
- Upside continuation on the cards for Asia.
The price of silver at the start of the week has gotten off to a positive start and the price action to start the week gives rise to the prospects of an upside continuation.
The support structure looks firm and the bulls have been encouraged from there at 25.85.
However, the lower end of the 26 handle is a firm resistance that needs to be broken to alleviate potential downside risks for the near term. Bulls will target a break of 26.75.
Meanwhile, from an 15-min perspective, the bullish impulse has seen a textbook correction with respect to its deceleration and gradual drift back into old resistance that has a confluence with a significant Fibo retracement level.
Bulls are engaged again at a 50% mean reversion which gives rise to a bullish continuation as follows:
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