MCX Silver
CMP 36593.
Supports: 35550/34740/33500.
Resistance 40570.
As of now for any buy max sl can be 34730 strict. If 34730 holds support, I expect to see 37500, 38000, 38500, 39500, 39500. Break of 40570 I expect to see 41500+.
If you notice, Silver reversed two times from 40570 levels (which is above 50% retracement of previous swing low and high). Positionally another down move pending in Silver.
Since Silver is still in complex correction/range bound between 33500-40600 (Nearly 8 months), we need to wait for clear view.
High possibility of Breakout either side this month. Positional traders need to wait for clear breakout.
Supports: 35550/34740/33500.
Resistance 40570.
As of now for any buy max sl can be 34730 strict. If 34730 holds support, I expect to see 37500, 38000, 38500, 39500, 39500. Break of 40570 I expect to see 41500+.
If you notice, Silver reversed two times from 40570 levels (which is above 50% retracement of previous swing low and high). Positionally another down move pending in Silver.
Since Silver is still in complex correction/range bound between 33500-40600 (Nearly 8 months), we need to wait for clear view.
High possibility of Breakout either side this month. Positional traders need to wait for clear breakout.
COMEX SILVER VIEW 26-OCT-2014
NOTE: My next positional targets on the down side are: 13.79, 13.18, 11.30
