silver daily chart technical analysis
mcx silver future on daily chart showing downtrend and some recovery momentum.on chart trading below month and 3 month average while closed just above week average.
mcx silver future last closed at 43,473 with loss.on downside 43300 is week average while on upside 44100 is month average and 47800 is 3 month average both are strong resistances from short term view.
on daily chart,mcx silver indicators clearly showing recovery signs from oversold zones.now cci is –61 and off the lows.while rsi is at 37 and with bullish divergence.
silver weekly chart technical analysis
mcx silver in this week showing 2% gains.on chart trend is very bearish but momentum showing recovery signs as still hovering in oversold zone.
on weekly chart,silver future trading way below all averages.all major averages are 52k to 54k range so still way above.on downside this weeks low of 40800 is now important level to watch for another breakdown.in between 43k also a strong historic support.
mcx silver indicators on weekly chart,shows cci is at –150 and still oversold state.while rsi is at 34 and look like gathering support at 30?
silver forecasts for 27 to 31 may 2013
for next week from short term view,now above 42500 level hold long view for technical bounce back rally upto 44100 and then 47800.below 42500 must exit from longs.negative closing near average also suggestive of fresh downside move and sell signal for traders.
from medium to long term view,a sharp selling move already given dips near 40k.below 43k we may see 38k and then 33-34k as target levels.but as hovering near 43k showing signs of resilience.as volatility is high both side are risky.but i will be on long side with stoploss.