LET THE MARKET TELL WHO WE ARE

Happy independence day!!! We are celebrating 71st independence day but what about financial freedom? Large number of people in this country give up their desire just because they can't afford. People who have batter financial management become wealthy in other words people who know how to make their money to work for them become rich and achieve financial freedom. No matter how hard you work, how much you earn if you can't manage your finance properly you would never achieve financial freedom. To prove my point let's take an example of two people. In early 2000 two persons, person 'A' and person 'B' employed in small shops in small town earning 3000 per month as salary. Person 'A' bought a colour TV which was costing nearly 25000 at that time and person 'B' bought a plot of 100 yards with that 25000 rupees. After 10 years that TV's value depreciated to 2500 from 25000 and that plot turned into an asset of 25lks... This is how properl...

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 ...

Silver has been experiencing a strong down trend since it broke through the key support of 35000 which was also support line of a bearish flag continuation. Prices are now hovering near key support zones around 33400-33000. However, silver had witnessed some recovery on Monday and Tuesday but 2 days counter move is not enough to confirm a trend reversal. Today this metal has opened with a down side gap and staying below its opening price. We need a penetration of 33150 to confirm resumption to a larger degree down trend and then attempts towards 30700 zones can’t be ruled out. Stability below 33150 will also increase the possibilities of completion of CD leg (at 30700) of a bullish AB=CD pattern. Any move above 34200 might bring some recovery and then a jump towards 35200 can’t be ruled out. Any stability above 35200 zones might put this entire bearish setup in doubts where stability below mentioned resistance levels will keep on going down trend intact.

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 th...

Silver on mcx is trading at 36850. Market is fluctuating in a narrow range and waiting for the outcome from today’s FOMC meeting. On daily chart silver has been trading in a rising parallel channel and now testing the support line of this channel. Prices are now fluctuating near 7 days EMA. 7 EMA on silver daily chart is playing very crucial role for short term trend identification. A reverse 3 is 1 bar setup is clearly visible and either side closing basis breakout from the setup bar will decide clear trend of this commodity. Silver remained in narrow range in yesterday’s trading session and formed an inside bar on daily chart. Today firs resistance will remain at 37125 any cross above this level will put focus on 37371-400 zones and any closing above these levels will confirm a trend reversal and then we will see this metal heading higher in coming days. A cross and close above 37400 will offer a primary rally towards 38000 and further stability above 38000 will bring 38500 and 3890...

  Today silver has headed an intraday high of 39090 but couldn’t sustain above 39000. When silver down in last week of January 39000 was the first reaction high placed during the first week of February. Now we are focusing on 39000 if silver manages to hold above that level then price objective for bulls would be 39700-40000. Key resistance for intermediate down trend would be 40600 and any sustained move above this level would increase the probabilities for completion of a harmonic structure which is widely known as bearish bat and than a rally towards 44000-44800 can’t be ruled out. Stochastic is loaded with strong momentum and stability above 50 hints bullishness for this counter. Areas of 37333 will remain in focus as trend support and any failure of this support would weaken the momentum and trend will turn sideways. Currently trading at 38848.

A bullish AB=CD pattern is visible on silver mcx daily chart. Currently we are trading in leg ‘CD’ of this pattern. Leg ‘BC’ was a counter move that has retraced leg ‘AB’ by 78.6%. In such patterns leg ‘CD’ is always equal to leg ‘AB’ or 127% extension of leg ‘BC’. Silver is now moving downwards to complete final leg ‘CD’ of this pattern that completes at 37593 zones. As per this pattern instrument reverses after completion of leg ‘CD’. Thus we expect a recovery in Silver from the areas of 37600-37500. Stochastic has been staying in oversold territory during the formation of leg ‘CD’ and now leg ‘CD’ is about to complete and oversold reading on stochastic would also prevent bears to enter aggressively and it would help this metal to recover from expected support zones to offload oversold reading. Recommendation: Buying silver on declines around 37600-37500 with stop loss of 37200 for targeting 38400-39000-39400 and more upside might be appropriate in short term.

Silver: as we can see here silver on daily chart respecting resistance of descending trend line and 50 periods simple moving average that is around 55300 silver must close above 55300 to confirm further upside. Yesterday’s sharp selling from resistance of 55300 is also supporting 55300-55400 zones as crucial resistance zones.  Down side silver respecting ascending trend line support around 53800 daily close below 53800-53700 zones would trigger short term bearishness and silver may try to head towards 51800-49000 in short term. At the same time stochastic indicator turning negative that is also supporting our outlook. Resistances: 55400-56350-57500 Supports: 54300-53700-51700 Recommendation: selling silver around 54900-55000 for targeting 53900-51800-49000 with stop loss of 55400 might be appropriate on daily closing basis. 

Silver MCX has nicely rallied up to 2000 points after my post of January 21, 2012 and made high of 57450. Now it’s time to offload your long positions on every rise because some technical indicator has been reached in overbought conditions that are suggesting 58800-60000 can act as reversal areas and very short term correction can’t be ruled out so be a smart trader and book profits as per your satisfaction and keep visiting us for more jackpot entries. Wishing you all profit full week ahead.  Copper rose 35 points after my suggested entry on November30, 2011 and made high 430.25 on Friday our 1 st target of 430 successfully reached so it’s time to book some profit in copper also and keep 414 as final stop loss for our 2 nd and 3 rd targets for remaining quantity. 

Silver MCX: silver mcx having very strong support in range of 49000 on daily closing basis with multiple bottom confirmation and it has broken out its short term resistance above 54000 and made 55987 after breakout. 562890 is its 200 days SMA resistance 2 consecutive close above 56300 would signal a primary rally till 57900-58200 over all this swing is open for 60000 but 56300-58300 zones will remain minor hurdle.