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Silver Buying Recommended, Target At 40500 / 41000: Angel

By CommodityOnlineCommoditiesDec 12, 2014 07:19AM ET
www.investing.com/analysis/silver-buying-recommended,-target-at-40500---41000:-angel-235629
Silver Buying Recommended, Target At 40500 / 41000: Angel
By CommodityOnline   |  Dec 12, 2014 07:19AM ET
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Short term support is observed at 37,000 levels, mid-term support at 34,000 levels and long term support at 31,000 levels.



MCX Silver prices have corrected almost 12.15% lower (YTD basis) in year 2014. Prices opened at 43870 mark, made a high of 48343 in Feb’2014 and very recently made a low of 33491 in Nov 2014. Since the start of year 2014, prices have been trading on a bearish note followed by “Lower top Lower bottom formation”.

As per the Harmonic Pattern, prices have completed AB=CD, where CD leg is 161.8% of Leg BC and completed the property of AB=CD pattern. As per the harmonic pattern AB=CD, D point treat as a Potential Reversal Zone (PRZ) and at PRZ (D point) prices have formed “Bullish Engulfing Candlestick” which is primary indication of reversal in trend.

The indicator analysis shows that 14 week RSI (Relative strength index) is rising from over sold zone and current reading stands at 33 suggesting short term reversal in the trend.

Support and Resistance Levels

Short term support is observed at 37,000 levels, mid-term support at 34,000 levels and long term support at 31,000 levels. Short term resistance can be seen at 41,000 levels, mid-term resistance at 43,000 levels and strong resistance at 47,000 levels.

Completion of Harmonic pattern AB=CD pattern followed by Bullish engulfing candlestick along with substantial volumes and rising RSI we recommend Buying in MCX Silver March contract.

Strategy

Buy MCX Silver March between 36000 to 37000, SL – 34000, Target – 40500 / 41000

Silver Buying Recommended, Target At 40500 / 41000: Angel
 

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Silver Buying Recommended, Target At 40500 / 41000: Angel

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Mantra Commodity
Mantra Commodity Dec 12, 2014 8:26AM ET
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36000-37000 ???. . you think it will come for entry ??
 
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