MCX Silver: Go Short On Rallies

Published 06/03/2013, 07:28 AM
Updated 05/14/2017, 06:45 AM

Last week, the MCX Silver price last some of its losses and closed up by 1%. However, the price has been moving in a downward-sloping trend channel since the past six months. The price trend still looks weak for the medium-term, with a test of channel support at Rs.40749 looking possible.

MCX Silver
The 14-period RSI is also facing resistance from downward-sloping trendline C and is holding well below the 50 mark, indicating bearishness.

Selling on rallies is the advisable strategy, as long as the price holds below Rs.45900 level .

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