Silver Sept In Down Trend, Support At 42800-42700s
CommodityOnline | Aug 18, 2014 05:48AM ET
Resistance is now observed in the range of 43,800 – 43,900 levels. Trading consistently above 43,900 levels would lead towards the strong resistance at 44,700 levels, and then finally towards the major resistance at 45,500 levels.
MCX Silver Sept as seen in the weekly chart above has opened at 43,515 levels and made a high of 44,050 levels. During the week prices could not able to breach the resistance zone of 44,050 – 44,100 levels and corrected sharply towards the low of 43,070 levels. In this week prices closed below the previous week closing of 43,580 levels and finally closed 0.73% lower at 43,263 levels. Technically, as per the candlestick pattern prices have formed “Bearish Pattern” indicating down trend for the coming trading sessions.
Resistance is now observed in the range of 43,800 – 43,900 levels. Trading consistently above 43,900 levels would lead towards the strong resistance at 44,700 levels, and then finally towards the major resistance at 45,500 levels.
MCX / Spot Silver Trading levels for the week
Trend: Down
S1 – 42,700 / $ 19.30 R1 - 44,100 / $ 19.90
S2 - 42,000 / $ 19.00 R2 - 44,700 / $ 20.20
Weekly Recommendation: Sell MCX Silver September between 43900 – 44100, SL- 44700, Target – 42700 / 42500
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