Silver weekly tips 14 to 18 April 2014
Silver daily chart technical analysis
Mcx silver future on last trading session closed at 43,177 with loss. On daily chart, silver prices are in downtrend with mixed patterns on indicators. Silver is trading below major averages and near bottom. For next week, mcx silver support zones are 42,800 and 41,000 while on upside 44,000 is first resistance of 1-month average and 45,000 is 3-month average level and next major short-term resistance. Daily chart indicators are off the lows but still in bearish area.
For next week, traders below 45k keep bearish view but 42,800 is now stronger base so expect range bound action in next week. Any daily closing below 42,800 means fresh sell signal for silver future.
Silver weekly chart technical analysis
Mcx silver future this week closed with half a percent gain. On weekly chart, silver future price trend and momentum both are bearish. This week silver hit high at 43,840 while low was 42,301. Total 1500 rupee or almost 4% swing for silver and closed with gain. On weekly chart silver are below major medium to long-term averages with bearish indicators patterns.
From medium to long term view, 40k and 38k are support zones of previous swing lows while on upside 45,500 is 6 month average and first major resistance while 48k is 12 month average and next major resistance.
Investors below 48k keep bearish view while 38k-40k will be best buy zone with long-term view so wait for that.