mcx silver forecast for 16 to 20 sep 2013


mcx silver daily chart technical analysis

mcx silver future on last trading session closed at 49410 with loss.on daily chart mcx silver future trend is still as still holding 3month average level of 48k.while momentum is clearly on bears side.

on daily chart 48k is last support of 3 month average below that trend will change on bears side.below that 44 and 41k are next major supports on chart.on upside 52,500 is week average and 53k is month average and both remain as strong resistance.

on daily chart,mcx silver future cci level is –169 with bearish divergence and heading towards oversold zone.while rsi is at 49 and already given sell signal around 52k levels.


mcx silver weekly chart technical analysis

mcx silver future this week closed with heavy loss of almost 11%.this week mcx silver future high point was 54800 while low point was 5500 points downside rally in 1 week time period.

on weekly chart,mcx silver future trading below 2 years average of 52k and 12 month average of 50400 while on downside 48k is only support remain which is also 6 month average.below that 44k and 40k are previous top/bottoms levels and support from long term view.

mcx silver future on weekly chart shows cci level at +81 and with sell signal while rsi is at 49 and here also given fresh sell signal for big downside targets?

mcx silver forecast for 16 to 20 sep 2013

for next week,watch 48k support level if breaks then confirm sell signal and head towards targets of 44k and them 42k.while reversal from 48k will be buying opportunity and expect upside targets at 52500-53k in very short term.

from medium to long term view,indicators already triggered sell signal.below 52k on weekly closing basis silver remain sell and expect deep downside upto 44k and then 40k and in worst situation 34k !!as last rally was sharp and one side without consolidation hence fizzling out and turned bearish in 1 week time frame!!for both bullions volatility remain high and concern for traders!!

The Author

Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.
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