MCX Silver May Trade Towards 41400 Levels
CommodityOnline | Jul 01, 2013 07:34AM ET
MCX Silver price fell sharply last week, completing the anticipated downside move towards Rs.38800 level. However, the price at one point was down by more than 7%, but managed to recover smartly to close the week lower by 3%. The price has now formed a Hammer on the weekly chart, which is a bullish reversal pattern. As such, a short-term pullback rally to the upside might be seen in the current week.
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.41400 level in the short term.
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