Silver attempts to regain crucial $15.60 level
Silver stopped short at the double-bottom target of $15.60 last week, bringing significant losses in turn. However, despite the move back below $15, we have now seen a new higher low created which points towards further upside to come.
The $15.60 resistance is clearly the most important and immediate resistance level, yet a break and close above this would point towards further gains in the near term. The next major levels of resistance to watch out for are around $15.83 and $16.47. The bullish outlook remains in place unless the price moves below $14.73.
Brent hits massive seven-month support level
Brent has finally hit the January low which represents the biggest support level seen in the past two month selloff. The trend is certainly well set on its ways, but the reaction to this level will be absolutely crucial and fascinating.
A daily close below $46.40 would point towards yet another strong leg lower, where I would be watching for it to come back and retest $46.40 as a new resistance level. Otherwise, any bounce from here would see resistance at $48.24 as the most immediate and likely level to watch.
Ultimately I would need to see the price move above $51.10 to give me confidence that a more substantial bounce could be on the cards.
WTI sells off from resistance zone
WTI has sold off yet again from the key resistance zone between the January ($43.58) and March ($42.64) lows. The fact that Brent could see a bounce from its January low means we might also see a bounce in WTI too. However, for now, they both continue to exhibit lower highs and lower lows, and thus I am bearish unless the price moves back above $43.58.
There is a cluster of key support levels to watch to the downside, at $40, $37.15 and $33.21, alongside the descending trendline (currently at $39.40). However, unless we break to a new higher high, I see any bounce as an opportunity to gain a better price for the next step lower.