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MCX Silver Medium Term Bearish

Published 11/22/2013, 12:59 AM
Updated 05/14/2017, 06:45 AM

MCX Silver has been in an downtrend since the past two year forming lower tops and lower bottoms within the channel (R-S). The price has recently broken the previous low of Rs 45951 and closed below the same, further the price gave a sharp decline and currently heading towards the previous low and long term support line of Rs 41000. Hence the medium term trend continues to look bearish for Silver and a test of Previous low at Rs.41000 (T1) level looks possible.
Silver
The 14-period RSI is sustaining below the resistance line well below the 50 mark and is currently pointing lower which indicates bearish momentum.

Until price closes above trend line (S ) at Rs.50000, Selling on rise is advisable.

Strategy –
Go Short on (cmp 45100) and on rise towards Rs.46999

Tgt –Rs.41000

SL (closing above) – Rs. 47990 level.


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