MTECHTIPS MCX SILVER SELL AT 38400-38500 STOPLOSS 38650 TGT 38000 TGT 37700
MTECHTIPS MCX silver WEEKLY trading analysis 28-05-2015
Mcx silver future closed at 38354 with loss. on daily chart, silver future price trend is bullish and prices are still trading above 1 and 3 month averages. on downside 38400 is 1 month average level and below it 37650 is 3 month average and strong short term trend support. on upside 39500 and 40550 will remain as strong supply zones. daily chart indicators, macd is heading towards zero with corrective pattern. RSI is heading towards 50 and CCI is towards zero.mcx silver future this week closed with loss. this was first week loss for this bullion after last 3 weeks continues gains. this week silver future hit high around 40574 while low was at 37800. weekly chart price trend is still but momentum is weak and profit booking might extends to next week.for next week, silver has major support at 38200 if gives daily closing below it then expect fresh short term downtrend for this metal. if sustain and gives reversal from 38200 then that will be fresh buying opportunity for targets of 39900. below 38200, silver bearish target will be 36900 and below.