SILVER FUTURES (Sl1!), H1 Potential for Bullish Momentum
Type : Bullish Rise
Resistance : 22.565
Pivot: 21.495
Support : 20.840
Preferred Case: On the H1, price is moving above the ichimoku cloud which supports our bullish bias that price will rise to the pivot at 21.495 where the swing high resistance and 161.8% fibonacci extension are. Once we have upside confirmation, we would expect bullish momentum to carry price to intermediate resistance at 21.955 in line with swing high resistance and 127.8% fibonacci extension . Should price break intermediate resistance, we would have a bullish bias that price will rise to 1st resistance at 22.565 where swing high resistance is.
Alternative scenario: Alternatively, price could drop 1st support at 20.840 in line with the pullback support and 78.6% fibonacci projection .
Fundamentals: As investors are seeking to hedge against inflation , we have a weak bullish view on silver .
Resistance : 22.565
Pivot: 21.495
Support : 20.840
Preferred Case: On the H1, price is moving above the ichimoku cloud which supports our bullish bias that price will rise to the pivot at 21.495 where the swing high resistance and 161.8% fibonacci extension are. Once we have upside confirmation, we would expect bullish momentum to carry price to intermediate resistance at 21.955 in line with swing high resistance and 127.8% fibonacci extension . Should price break intermediate resistance, we would have a bullish bias that price will rise to 1st resistance at 22.565 where swing high resistance is.
Alternative scenario: Alternatively, price could drop 1st support at 20.840 in line with the pullback support and 78.6% fibonacci projection .
Fundamentals: As investors are seeking to hedge against inflation , we have a weak bullish view on silver .