Silver: Basing Pattern hints Bullishness

A very nice basing formation has emerged in silver and currently it is trading at 37562. A cup and handle pattern is clearly visible on daily chart and now silver is consolidating to form handle of this pattern. Yesterday silver took support at 30 days SMA and jumped nicely and today it has climbed above 5days EMA triggering bullishness in this counter. Stability above 30 days EMA remains supportive for silver bulls. However, a bearish cross has taken place on MACD indicator but still this indicator is staying in bullish territory and remains supportive for bulls. Immediate support is now placed at 36800 any failure of this level will put current cup & handle pattern in doubts and any sustained move below this level will bring attempts towards 35800 zones and further stability below 35800 will call for retest to floor of this cup near 33000 zones. Stability above 36800 remains extremely bullish and established move above 38000 will offer a primary rally towards 40500 and then further stability above 40500 will mark a rally for attempt to estimated target of 42300 as per cup and handle pattern.

Recommendation: As per chart and explanations above longs can be taken in this commodity near 37300-37000 zones with stop loss below 36800 for targeting 40500-42300 in short term.

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