Mcx silver future weekly technical analysis report for 15 to 19 may 2017
Mcx silver future this week closed at 38175 with flat gains in this week. Mcx silver prices are bouncing back from low but still weak and might show fresh breakdown in upcoming weeks.future price trend and momentum both are down and silver hit my given bearish swing tgt of 38450 and then hit low at 37700 while my next bearish swing target was 37250. Below 38450 remain weak and sell on rise and on downside expect target of 37250 and below in next week. Expect sharp breakdown on closing below 38k. From investment point of view, mcx silver looks bearish and given major breakdown in 2017 below 40500 support and now heading for bearish targets of 32000 and below.