MCX Silver February has been trading at lower levels for a week. Crucial fundamental factors have impacted Silver futures for the last two months.
The commodity has been bearish since the beginning of 2013, following the double top pattern from October through to December. Silver crossed the 59483 levels and decremented to 57600 levels. The strength of the rally is not sufficient for an upward movement for the week, as there may be short covering at lower levels.
On charts, Silver tracks are showing a bearish phenomenon. It is trading well below 20 day SMA at 58410 levels. MACD is less than zero implies the weakness of the rally; RSI at 41.90 is not a corrective term at all. Stochastic level recovered from oversold territory and is moving around lower levels.
The rate of change oscillator was slightly weak, hence a downtrend is to be expected. When the silver price breaches 58460 levels, it may witness a steady decline to 57500 levels. Strong support is now seen at 57540 levels. Short covering is expected for the silver trading during the week.
S1: 57540 S2: 57500
R1: 57700 R2: 57860
Trend: Bearish
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MCX Silver Bearish, Short Covering Expected
Published 02/13/2013, 05:03 AM
Updated 05/14/2017, 06:45 AM
MCX Silver Bearish, Short Covering Expected
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