Mcx silver future weekly technical analysis report for 12 June to 16 June 2017
Mcx silver future this week closed at 39680 with strong loss profit booking. This week mcx silver hit high around 40850 and almost hit my given bullish target of 41k. Then we saw strong profit booking and sell off and silver prices tumbled to lows of 39500.
This week mcx silver hit high at 40850 and low was near 39500 so total 1300 rupee weekly range and negative closing on profit booking.
Mcx silver future price trend and momentum both above 39400 will remain buy for short term targets of 41000 and 42150 for this month. If closes below 39400 then that will be bearish breakdown signal for selling targets 38400 and below.
From investment point of view, mcx silver looks bearish and given major breakdown in 2017 below 40500 support but now reversal move suggesting it might heading for 40500 target. Which achieved this and given reversal from 40500 which is very bearish sign from long term view. On downside 37750 and then 32000 are support zones for year 2017.