mcx silver weekly forecast report
mcx silver daily chart analysis
mcx silver march expiry future last closing on chart was 57660 with gains of 0.25%.on chart silver prices trading below all short term averages which means trend is down from short term view.
on daily chart we can see that silver hit low near 57200 and now showing some bounce back signs.on upper side 57900 is weekly average then 59800 is monthly average and in last 60300 is 3 month average.all these levels are strong resistances for every upside.
on indicators side mcx silver daily indicators off the lows so hope of technical bounce back.mcx silver daily cci is –102 and off the low while mcx silver daily rsi is 39 and bearish.
if breaks 57200 low then downside rally continue till major support levels.
we suggested contra view with stoploss below 57200 and expect 59900 on upside.
mcx silver weekly chart analysis
mcx silver future on weekly chart showing closing at 12 month average.if next week closing comes below 57000 then expect 54000 as medium to long term downside target in next 2-3 months time period.
on upside mcx silver 6 month average level is 59000 and will be resistance now while below 57000,54000 is 2 years average level and last long term support for this uptrend.
on indicators side,mcx silver weekly cci is –55 and with bearish divergence while weekly rsi is 49 and shows downside breakout?
at current level watch for support and if turn back invest in silver for targets of 64,000-65,000 again and if breaks below and sustain then possibility going short will be good idea.
mcx silver weekly outlook for 31 dec to 4 jan 2013
short term traders can hold hold or go long with stoploss just below 57200 and expect 58900 to 59900 on upside.if closed below 57000 then continuation of downtrend and 56,000-55,000 and 54,000 will be target levels.
medium to long term traders and investors watch 57,000 for next if shows reversal then expect 64,000-65,000 again but slips below this and trade below this level for next 2 weeks then 54,000 and below are possible long term targets.