2014 Quarterly Closing Support Resistance
- Q3 to EO Sep 5.29 7.45 11.05 12.46 17.25 21.25 25.13 30.25 39.71 44.83 47.53 50.73
- Q2 to EO Jun 12.20 17.44 21.29 39.53 44.50 47.10
The support and resistance levels are shown above. Prices closed Q2 at 21.056, so has not challenged either support or resistance and was well within it's expected trading range. Next a look at the big picture so you can see the support and resistance levels.You can see prices are following the lower half of its trend channel and are approaching its ML, after bouncing off Q234ML in June last year.
This month it is expected to challenge its first resistance level of 21.25 before reverting down to its finding support on smaller wave scales around 20.15 followed by 19.40 and I would be surprised if it will challenge its first suport level of 17.25 this Quarter. It looks more likely to happen next quarter. On the weekly level last Quarter prices twice elected bearish and is showing absolutely no bullish behaviour as prices have shown absolute failure to make the M-1-2-3ML and this quarters low broke the M-1-2-3MLL, again bearish behaviour!
Silver Q2 2014
Below I have shown the current quarterly trend channels for silver. Starting with the big picture;
Note the orderly fashion in which markets move, where I have left important trend lines dating back to the 70's, and below you can still see that support or resistance is offered by these lines!
Below you can see the detail off the current channels. I have also shown the expected bottom sometime as early as Q3 2015 to as late as Q1 2020.
Ending June 2014
Quarterly Closing Support 19.00 17.441 2.20 21.29, Resistance 39.53 44.50 47.10