MCX Silver: Buy On Dips Towards 43000 Levels
CommodityOnline | Jun 17, 2013 08:09AM ET
MCX Silver price is currently moving in a downward-sloping trend-channel C-C1 forming lower tops and bottoms. The price recently tested the channel support line C1 near the Rs.41000 level, which also happens to be the bottom formed in 2011. It has been moving in a rectangular range since then. Prices going sideways after a steep fall and trading in rectangular range is a sign of accumulation. Hence, buying the commodity on dips would be advisable for the short-term.
The 14-period RSI has been trading in an oversold terrain for quite a while, and pullback towards the resistance line is possible in the current week.
It is advisable to long on the commodity on dips towards Rs.43000 level for the target of 45600 in the short term. A short-term sell-off could be expected for the target of Rs.5520 level.
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