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May silver closed lower on Friday and below the 20 day moving average crossing at 21.218 would confirm that a short term top has been posted while opening the door for additional weakness near term. The low range close set the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that additional weakness is possible. If May renews the rally off the late January low, the 25% retracement level of the July-December decline crossing at 22.802 is the next upside target. First resistance is last Monday's high crossing at 22.215. Second resistance is the 25% retracement level of the July-December decline crossing at 22.802. First support is today's low crossing at 20.755. Second support is the reaction low crossing at 20.010.
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May copper closed sharply lower on Friday as it renewed the decline off December's high. The low range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are diverging but are turning neutral to bearish signaling that additional weakness is possible near term. If May extends the decline off December's high, last June's low crossing at 307.05 is the next downside target. Closes above the 20 day moving average crossing at 322.30 would confirm that a short term low has been posted. First resistance is the 20 day moving average crossing at 322.30. Second resistance is February's high crossing at 331.30. First support is today's low crossing at 307.70. Second support is last June's low crossing at 307.05.
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