Mcx silver future technical analysis
Mcx silver future in last trading session closed at 39120 with 6% plus loss. As expected below 42k, mcx silver seen strong sell off and hit my given target of 39100. On daily chart,and momentum both are bearish and prices are now in oversold zones. For positional bullion traders 39100 is major support and expect sharp short covering ally above it. On upside 41k and 41450 are resistances as well as reversal rally target zones. For today 16 December 2016, support zones are 39100 and 38400. And these are buying levels for risk takers. On upside 39850 and 40600 are intraday resistance zones as well as target zones for mcx silver future. From long term view, outlook still bearish and mcx silver is heading towards 38500 and 35750 support zones.