MCX Silver To Find Support At 40700 Levels
CommodityOnline | Jul 12, 2013 05:09AM ET
As seen in the daily price chart of MCX Silver Sept contract, it was trading in a sideways trend from the last couple of days following the down trend line.
Today, we have seen that MCX Sept Silver prices have breached that “Down Trend line and also Breached a Triangle Pattern coupled with open and low candlestick” which indicate short-term optimism in the market.
On the charts, price faced resistance at 40700 levels, but today, it breached this level and prices are currently trading above it.
Prices are trading above its 5-Day and 20-Day EMA, indicating a short-term positivity in the market. The RSI is rising and the MACD is also showing a positive crossover, indicating bullishness.
MCX Silver prices can face resistance is seen at 42500 levels and above at 43000 levels. Support can be seen around 40700 levels and below that strong support is seen at 39800 levels. Looking at the Trend line and the Triangle pattern breakout coupled with oscillators supporting bullishness, we recommend a Buy in MCX Sept Silver Contract.
Positional Call (10-15 Days) - Buy MCX Silver Sept between 40700-40800, SL - 39800, Target- 42500/43000(CMP-41,210)
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