Silver has been fluctuating among 34000 and 41000 from last 6 month. Recently it has headed a low of 34011 on Tuesday this week but that day’s price action was neglected by yesterday’s bullish price action and silver settled with an inside bar on daily chart. Today we have seen a nice recovery after a breakout above 35167. Stochastic has recovered form oversold territory but struggling to cross above 40 and remains supportive for silver bears. MACD is also staying below centerline and its signal line that hints a down trend but MACD is getting closer to its signal line that hints weakening bearish momentum. Prices are staying below 20 days EMA that hints a down trend in this metal. As per current setup we are expecting silver to remain in positively biased sideways trend until it manage to break and hold below 34000. Key resistance remains near the areas of 36450-500 zones any sustained move above this level will bring some charm and then silver will trigger possibilities to retest the upper boundary of short term price range that stands near 40600 zones. Any failure of 34000 will open the doors for 32000-28000 zones.
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...
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