As per our previous recommendation dated 25th June 2013 of going Short on MCX Silver, price made a low of Rs 38536 against target of Rs.37990.
Hence, in our view, profits on Short positions (as per our previous recommendation) should be booked at the current levels and wait for the fresh call.
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 after breaching the long term support line (S) at Rs.53533 gave a sharp fall and made a two year low of Rs 40749. Further the price gave a pullback rally and again gave a sharp fall creating a new low of Rs 40360.Further price is currently holding below the resistance (S2) of Rs 41280.
Hence the pullback rally is a BULL TRAP and the medium trend continues to look bearish for silver with a test of the previous low of Rs 37990/36000 level looking possible. 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 (R2) at Rs.44990, Selling on rise is advisable.
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MCX Silver: Wait For The Fresh Call
Published 07/30/2013, 06:43 AM
Updated 05/14/2017, 06:45 AM
MCX Silver: Wait For The Fresh Call
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