Skip to main content

Silver Trend analysis for short term

After a rising wedge failure silver headed towards 30.65 last week where we were expecting 30.50 as strong support for further down side. After looking at 240 min chart it seems that silver has broken out down sloping trend line resistance of descending triangle. Now facing resistance at 32.30 due to low buying interest of crowd. MACD near zero line suggesting 32.30 as a very stiff resistance a breakout above 32.30 would confirm an advance till 33. 33 is also looking very important level to watch as this is 38% retracement previous bearish swing from 44 to 26. Breakout above 33 would confirm an advance till 36-36.40 in near term. Till silver trading below 32.30 ranges bound moment expected in short term break below 31.40 is less likely, break would confirm decline till 31-30.50 in very short term. Further down side till 29.60-26.60 area only possible below 30.50. We expect the rising wedge pattern may affect this counter negatively which in result drives us to stay away till silver trading below 32.30.

Recommendation:  based on charts and explanations above our opinion is to buying silver with breakout above 32.30 targeting 33-35-36.20 stop loss below 31.35 might be appropriate. 
Labels:

Comments

Post a Comment

Popular posts from this blog

LIC Housing Finance; time for bulls?

  LIC HOUSING FINANCE settled at 321.90 up by 5.78% on Tuesday. Stock had been staying in a consolidation phase that took shape of an ascending triangle and in today’s session it broke through the resistance line of this triangle consolidation and settled well above key resistance of 312 suggesting dominance of bulls. Stock has been staying above its 9 days SMA on daily chart keeping a short-term bullish trend in picture. Stochastic is now approaching overbought territory along with bullish cross above its signal line suggesting a strong bullish momentum. MACD has been staying in positive territory and now its parting upward from its signal line suggesting development of fresh bullish momentum. Direction and momentum are two important components for any chart to anticipate future price movement and current trend and momentum on chart provided above is suggesting bullishness. Breakout of triangle pattern can be used to determine potential destination for current move and if th...
Post a Comment
Read more

Will Exhaustion Gap Halt the Down Trend in Nifty?

In this video we have explained what NIFTY is likely to do in next few sessions. 
Post a Comment
Read more

Nifty Options Weekly Expiry; MAX PAIN stands at 13400

#NIFTY #INDEX currently trading at 13438, down by 90 from previous close. Today index has opened gap down and taken out the low placed yesterday at 13449 triggering primary weakness in market for the day. Immediate support is now placed at 13390, retest to this level can’t be ruled out but stability below 13390 will result in to further weakness and then attempt towards 13350-13310 zones can’t be ruled out. Key support will be at 13300 and further stability below that level will bring more weakness. Resistance is now placed at day high which stands at 13488, any sustained move (Less likely) above that level will bring some relief to bulls and then attempt towards 13540-13590 can be seen.  On #option_chain heavy #call_writing is being done at 13500-13600 strikes where as short covering is visible in 13450 and 13500 puts whereas longs build up seen in 13400 puts with high volume. Based on current #OI position level of #option_pain stands at 13400 thus based on current data at 10:52AM...
Post a Comment
Read more