Consolidate around highlights
Because that high silver is largely consolidated within the price range from the day the peak was reached on February 14. Note that High was reached on a Friday and the day ended with a Bearish shooter candlestick pattern. The low point for that day was $ 32.07.
Silver fell below $ 32.07 the next day, but since then, trade has been retained within the price range of $ 32.07 to $ 33.39 from that day. In general, the bearish implications of the shooting star candlestick pattern have not been realized.
20-day MA offers important trend support
Since the 20-day MA (Purple) has been recovered on January 28, that line has done good work by identifying dynamic support for the upward trend in the short term. There were two days later where silver dived to test support around the 20-day line. It did this again today, Monday, because the low point of the day of $ 32.09 was almost 20 days mA for $ 32.03.
Note that buyers became more aggressive of the low, reflection of support. Given the reaction around the 20-day MA, it remains an important dynamic support indicator. A potential change in upward momentum would be indicated if there is a dip under that line followed by the price of silver that stays under the line.
Weekly Bullish Trend
There is also a weekly low of last week for $ 31.92 that forms the weekly upward trend of higher weekly lows that have been present for four weeks. A pattern of higher weekly highlights was in place for seven weeks until last week when there was a lower weekly high. Last week Silver finished the weekly session in a relatively weak position in the lower half of the trading range of the week. There was also a weak weekly final race that was also shown two weeks ago.
A decisive decline under the weekly layer at $ 31.92 would further confirm bearish implications after a decrease below the 20-day MA. Because the 20-day line and the weekly layer are relatively close to each other, a drop below the 20-day Ma can find support above the weekly low point.