MCX Silver May Find Resistance At 43000 Levels
CommodityOnline | Jul 15, 2013 06:35AM ET
MCX Silver price after completing the anticipated downside move towards Rs.38800 level had a flat closing last week. However, the price at one point was up by more than 3%, but unable to sustain closed where it opened forming a doji candlestick pattern. This indicates a possible reversal.
The 14-period RSI is trading in an oversold terrain for quite a while and pullback towards resistance line is possible in the current week.
Hence it is advisable to go long on the commodity on dips for the target of nearest resistance at Rs.43000 level in the short term.
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