mcx silver future monthly technical analysis report april 2016

mcx silver future monthly technical analysis report april 2016 Mcx silver future is trading with loss in month of April. After last 3 months strong recovery we seeing some profit booking as well as fresh shorts.   For month of April 2016, silver future below 37k remain bearish and sell. On downside targets are 35400 which is achieved in last trading session. Below 35400 next support as well as target zone will be 34k.   Above 37k, mcx silver turn bullish and buy, in those market condition, silver resistances as well as target zones will be 38350 and then 40k.   Mcx silver daily chart price pattern is bearish and indicators suggesting silver might test 34k.   Mcx silver weekly chart price pattern is corrective one and near supports. While monthly chart shows silver is at major support and breakdown from here means deep downside for silver in long term.

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Pramod Baviskar

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