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Silver Trend analysis

Silver MCX is trading in ascending parallel channel as par 240 minute log scale and as per this pattern resistance seen around 62000 in near term immediate support seen around 58600 for the day below this a fall expected till 57800-57500 zones but trend is still bullish trader can accumulate this counter on falls because major trend fail will occur only below 56400 on weekly closing basis. Till then no major change possible in trend before 62000. Market always moves in waves so it is possible we can see dips till 57500-57000 levels in near future but that will be good opportunity for buyers with a stop loss below 56400 on closing basis for price target around 62000-62800 in 3-5 weeks. 

If you want to learn analysis and have any query related to my chart posts then feel free to ask sunirathi@hotmail.com 

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