Mcx silver future weekly technical analysis report for 22 to 26 may 2017
Mcx silver future this week closed at 39124 with strong gains on short covering at bottom. This week we saw almost 1100 rupee gains for silver prices from bottom. Mcx silver on reversal hit target of 38500 and now heading for 40600+ which will be next major swing target.price trend and momentum both above 39100 will remain buy for short term targets of 39775 and 40360. On downside 38600 and then 38000 are strong support zones as well as buying levels. 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.