Oil managed to get above the resistance at $48.65 and continues to move higher in the upside channel. RSI is in the overbought territory so the risks of a pullback are increasing. The next resistance level for oil is located at $49.40. If oil manages to settle above this level, it will head towards the psychologically important $50 level. On the support side,...
Silver did not manage to settle above $26.00 and pulled back. RSI is in the moderate territory so there is plenty of room to gain additional upside momentum. The nearest material resistance level for silver is still located at $26.30. If silver gets above this level, it will continue its upside move and head towards the resistance at $27.00. There are no...
Oil managed to get above the resistance at $47.70 and is trying to settle above $48. If this attempt is successful, oil will have a good chance to get to the test of the next resistance at $48.65. A move above $48.65 will push oil towards the resistance at $49.40. On the support side, the previous resistance at $47.70 will likely serve as the first support level...
Silver gained strong upside momentum and is trying to settle above the resistance at $25.85. RSI is still in the moderate territory so there is plenty of room to gain additional momentum in case the right catalysts emerge. If silver settles above the resistance at $25.85, it will head towards the next resistance level at $26.30. A move above $26.30 will open the...
Oil did not manage to settle above the resistance at $47.70 and pulled back. The nearest support level for oil is located at $46.65, and a move below this level will push oil towards the next support at $46.25. On the upside, the situation has not changed compared to the previous trading session as oil needs to settle above $47.70 to continue its upside move and...
Silver gained strong upside momentum and is trying to settle above the resistance at $25.00. It has already tested the next resistance level at $25.30 but pulled back. If silver manages to settle above $25.00, it will get to another test of the resistance at $25.30 and should have better chances to settle above this level. In case silver gets above the...
Oil managed to get above the resistance at $47.30 and is trying to settle above recent highs at $47.70. If oil manages to settle above this level, it will head towards the next resistance at the $48 level. A move above the resistance at $48 will push oil towards the resistance at $48.65. On the support side, oil may get some support at the previous resistance at...
Silver gained upside momentum and is trying to settle above the major resistance level at the 50 EMA at $24.15. RSI is in the moderate territory so there is plenty of room to gain upside momentum. The next resistance level for silver is located at $24.60. In case silver settles above $24.60, it will head towards the resistance at $25.00. A successful test of the...
Oil gained downside momentum and is trying to settle below the support at $45.80. A move below this support level will push oil towards the low of the previous pullback at $45.00. More importantly, oil will get out of the current upside channel which will be dangerous for the bulls. If oil settles below the support at $45.00, it will head towards the 20 EMA at...
The technical picture for silver has not changed at all in recent trading sessions. Silver continues to receive strong support between $23.50 and $24.00. It will need to settle below the support at $23.50 to have a chance to develop downside momentum. In this scenario, it will quickly get to the test of the next support level at $23.30 and may move towards the...
Oil pulls back a bit after yesterday’s upside move but remains in the upside channel. It has recently made an attempt to get to the test of the support at $46.25 but failed to develop sufficient downside momentum. If oil declines below this level, it will head towards the next support at $45.80. On the upside, oil needs to stay above $46.65 to continue its upside...
Silver has recently made another attempt to get to the test of the support level at $23.50 but failed to gain additional downside momentum and rebounded closer to the 20 EMA at $24.00. The area between $23.50 and $24.00 continues to serve as a strong support area for silver. If silver settles below $23.50, it will quickly get to the test of the next support level...
Oil gained strong upside momentum and managed to get above recent highs at $46.65. Currently, oil is moving towards the $48 level. There are few important levels in this area so oil may move fast. The nearest significant resistance is located at $48.60, although oil may also face some resistance at lower levels. If oil gets above $48.60, it will head towards the...
Silver has just made another attempt to settle below the 20 EMA at $24.00 but failed to develop sufficient downside momentum. If silver settles below this level, it will head towards the next support at $23.50. In recent trading sessions, silver received strong support below the 20 EMA, and each attempt to move lower was quickly bought by traders who were willing...
Oil is under pressure after the release of a shocking inventory report which indicated that crude inventories increased by 15.2 million barrels. As a result, oil is trying to settle below the nearest support level at $45.20. A move below this level will push oil towards the next support at $44.75. If oil declines below $44.75, it will head towards the support at...
In recent trading sessions, silver made two attempts to settle above the resistance at $24.60 but failed to develop sufficient upside momentum and pulled back. Currently, silver is testing the nearest support level at the 50 EMA at $24.15. The 50 EMA has previously served as a major obstacle on the way up for silver, and this level will likely attract plenty of...
Oil failed to settle above the $46 level and even tried to get to the test of the $45 level but received support near $45.20. If oil declines below $45.20, it will head towards the next support level at $44.75. A move below this level will push oil towards the support at $44.40. On the upside, oil needs to settle above $45.80 to have a chance to get to the test...
Silver is currently testing the nearest resistance level at $24.60. If this test is successful, silver will head towards the next resistance at $25.00. A move above $25.00 will open the way to the test of the next resistance level at $25.30. It remains to be seen whether this resistance level will be strong enough as silver easily got above $25.30 during its...