Silver Futures (SI1!) H4 | Potential Bounce off Ichimoku Cloud
Silver Futures (SI1!) H4 | Potential Bounce off Ichimoku Cloud
Type:
Bullish Bounce
Key Levels:
Resistance: 32.54
Pivot: 31.34
Support: 30.67
Preferred Case:
Looking at the H4 chart, my overall bias for silver futures ( SI1!) is bullish due to the price finding support within the bullish Ichimoku Cloud and reversing just above the 38.2% Fibonacci retracement. The price has reversed off the Pivot and could rise towards the 1st Resistance at 32.54.
Alternative Scenario:
Price may break below the Pivot at 31.34 and fall towards the 1st Support at 30.67.