Way2Wealth has come out with its report on Silver.
According to the research firm, one can sell MCX Silver May futures
near Rs 54750-54830 for a target price of Rs 53340 with a stop loss of
Rs 55275.
Last week MCX Silver May futures continued to stay in range, but by the end of the week a breakdown through the “running triangular” pattern on daily charts has confirmed that silver has resumed its bearish trend. Further risk is built on down side towards the near-term support of 53340 levels, on flip below the same can extend towards 52710 also.
Nevertheless, any rise on upside will be capped at 54750 levels and bring some selling pressure from the same. Key momentum indicator RSI has gone in selling mode and MACD is still trading below signal line by supporting the view.
Strategy: Sell MCX Silver may futures near Rs 54750-54830 for a target price of Rs 53340 with a stop loss of Rs 55275.(Money control)
Last week MCX Silver May futures continued to stay in range, but by the end of the week a breakdown through the “running triangular” pattern on daily charts has confirmed that silver has resumed its bearish trend. Further risk is built on down side towards the near-term support of 53340 levels, on flip below the same can extend towards 52710 also.
Nevertheless, any rise on upside will be capped at 54750 levels and bring some selling pressure from the same. Key momentum indicator RSI has gone in selling mode and MACD is still trading below signal line by supporting the view.
Strategy: Sell MCX Silver may futures near Rs 54750-54830 for a target price of Rs 53340 with a stop loss of Rs 55275.(Money control)
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