SPOT Silver Medium Term Bearish
CommodityOnline | Nov 22, 2013 01:01AM ET
SPOT Silver has been in an downtrend since the past two year forming lower tops and lower bottoms within the channel (R-S). The price has recently broken the previous low at $ 20.50 and closed below the same, further the price gave a sharp decline and currently heading towards the previous low and long term support line of $ 18.18. Hence the medium term trend continues to look bearish for Silver and a test of Previous low at $.18.18 (T1) level looks possible.
The 14-period RSI is sustaining below the resistance line well below the 50 mark and is currently pointing lower which indicates bearish momentum.
Until price closes above trend line (S) at $ 26, Selling on rise is advisable.
Strategy –
Go Short on (cmp $ 20) and on rise towards $ 21
Tgt –$ 18.18
SL (closing above) – Rs. 21.99 level.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.