mcx silver forecast for 24 to 28 june 2013

mcx silver forecast for 24 to 28 june 2013

 

mcx silver daily chart technical analysis

mcx silver future on last trading session closed at 41497 with gains.on daily chart we can clearly see absolute downtrend and gripping bearish momentum.

on upside 43k is silver week average while 44k is month average and in last 45200 is 3 month average.remain as strong resistances on every upside.on downside 40k and 38k are targets for upcoming period.

on daily chart,mcx silver rsi is 37 and heading towards 30 with bearish divergence.while cci is –358 and heavily oversold.

 

mcx silver weekly chart technical analysis

mcx silver future this week tumbled by 5.33%.this week mcx silver high was 44250 while low was 40716.total 3500 rupee week volatility and closed near lows.

on weekly chart also mcx silver future is absolute downtrend and after fall consolidated and now fresh breakdown.on downside now traders can expect 38k and then 34k if fall continues.all major medium to long term averages are in 50-53k range so way above.

on weekly chart mcx silver rsi is 33 and hovering in oversold zone.while cci is –108 and showing continuation of downtrend.

mcx silver forecast for 24 to 28 june 2013

for next week,below 44k on closing basis strategy remain sell on rise and targets are 40k and 38k and below.at current level risk and reward not favorable and 40k is almost achieved.

from medium to long term view,below 45k keep targets at 38k and then second one near 34k.rupee will remain concern for bullion volatility.but as silver trending lower we can expect historic lows as targets here.

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Pramod Baviskar

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