MCX Silver weekly tips for 18 to 22 september 2017

Mcx silver future this week closed at 40808 with loss. This was first weekly loss for silver prices after last 3 weeks strong gains. This week mcx silver future hit high at 41590 while low was at 40731. Total almost 900 rupee range and negative closing on profit booking.

Mcx silver weekly chart shows prices are still above major averages and heading lower to testing them. Mcx silver 5 weeks average is at 40375 and firsts support on downside. Below that 40100 is 50 weeks average and 39550 is 20 weeks average and next support zone. Weekly chart RSI is at 54 and with buy signal triggered at 38300 levels. MACD is at -75 with bullish divergence and with buy signal given at 36900 levels.

 

For next week, mcx silver will remain buy on dips above 38950 support zone. On downside daily chart, have support around 40400 and then 39900 and traders must look out for these levels for reversal move for target 42300. Mcx silver already hit my given September swing target of 41000 rupees.

 

From investment point of view, mcx silver was bearish and given major breakdown in 2017 below 40500 support and hit bottom support as well as targets of 38000 and then hit low at 35500 which was next target. Now it will act as long term support now. After forming bottom at 35500, silver prices heading for 40500 for trend breakout for long term targets of 47500 and 56000. Now silver prices above 40500 and above it will remain buy and accumulate for my long term bullish targets of 47500 and then possibly 56000.

 

In last 7 months, silver given 3 negative closing while 4 are with gains and in my view silver prices are underperforming as well as undervalued from long term view so best for long term value investment. In September mcx silver trading with gain and recorded low of 40444 while high was at 41927. Total 1500 rupee range and positive.

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The Author

Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.

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