MCX Silver weekly tips for 25 to 29 sep 2017

Mcx silver future this week closed at 39756 with loss. This was second weekly loss for silver prices after last 3 weeks strong gains. This week mcx silver future hit high at 40684 while low was at 39515. Total almost 1200 rupee range and negative closing on profit booking. In last 2 weeks mcx silver prices tumbled from high of 41590 to 39515 so total 2000 rupee drop.

Mcx silver weekly chart, shows prices are now moved below 50 and 5 weeks average level of 40075 which will act as strong hurdle on upside. On downside 39500 is 20 weeks average support zone. Weekly chart RSI is at 50 and with bearish divergence. MACD is at -56 with bullish divergence and with buy signal given at 36900 levels.

 

For September, mcx silver opened strong and hit bullish swing target of 41000 and above it next target was at 42300 and we saw high of 41927 on silver prices. Now on downside 39966 is major support zone and above it short term outlook remain bullish and buy and accumulate for targets 41000 and then 42300. Bullion traders above 39966 keep buy and accumulate view on silver future for upside targets with stop loss.

 

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 once again below 40500 and in weak territory.

 

In last 7 months, silver given 4 negative closing while 3 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 opened strong and hit high of 41927 but now trading with losses near month low.

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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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