Silver closed lower on Wednesday and the mid-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible near-term. If it extends the rally off February's low, January's high crossing is the next upside target. Closes below last Monday's low crossing would confirm that a short-term top has been posted.
Crude Oil closed higher on Wednesday and below the 20-day moving average crossing. The high-range close sets the stage for a steady higher opening on Thursday. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible near-term. If it extends last Friday's rally, the reaction high crossing is the next upside target. Closes below last Thursday's high crossing would open the door for a larger-degree decline into early-May.
