SILVER FUTURES (SILVER1!), H1 Potential for Bearish Momentum
Type : Bearish Momentum
Resistance : 61225
Pivot: 60429
Support : 58199
Preferred Case: On the H1, price has broken out from the ascending channel and is moving below the ichimoku cloud which supports our bearish bias that price will drop from our pivot at 60429 in line with the overlap resistance and 23.6% fibonacci retracement to the 1st support at 58199 in line with the swing low support and 61.8% fibonacci projection .
Alternative scenario: Alternatively, price may break through pivot structure and rise to the 1st resistance level at 61225 in line with the overlap resistance, 50% fibonacci retracement and 78.6% fibonacci projection .
Fundamentals: No major news
Resistance : 61225
Pivot: 60429
Support : 58199
Preferred Case: On the H1, price has broken out from the ascending channel and is moving below the ichimoku cloud which supports our bearish bias that price will drop from our pivot at 60429 in line with the overlap resistance and 23.6% fibonacci retracement to the 1st support at 58199 in line with the swing low support and 61.8% fibonacci projection .
Alternative scenario: Alternatively, price may break through pivot structure and rise to the 1st resistance level at 61225 in line with the overlap resistance, 50% fibonacci retracement and 78.6% fibonacci projection .
Fundamentals: No major news