Back to back “Gravestone Dojis” are traced out at 19.690 levels on weekly plotting.
But these patterns are appeared exactly at a crucial support areas of 19.527, and the current prices are still holding stronger at this juncture.
Contemplating the previous strong uptrend, the significance of these dojis could be little less sensitive to the following prices.
While on monthly price behavior is also in consolidating pattern and bias towards the strong upward direction.
This intermediate uptrend is in conformity to the mammoth volumes (see rectangular shaped areas on the monthly graph). Rising volumes on rising prices can give you more conformity to the strength in this uptrend.
has been converging accordingly with every dips and rallies ever since it has begun bouncing back from 14.239 levels.
Although, the current prices have dipped below 7DMA in the recent past, bulls have just halted but certainly not to be deemed as a rout. You can probably observe the current prices are still nearby 1-year highs.
While both leading and lagging indicators are indicative of bull swings may be extended, evidently, on monthly has shown a crossover, that has triggered off environment.
The current prices have spiked above curves and 7EMA has crossed over 21EMA which means even though the current prices were seeing little skepticism between 19-20 levels the major trend is most likely to encompass medium term uptrend with short-term obstacles.
We don’t think it would be fair to expect a steep recovery in the long lasting bear trend that we've seen since October 2012.
To conclude, the short term trend looks like quite struggling, the prices can take off if it holds current levels and breaches major hurdles of 21 levels.
Intraday speculators can eye on boundary binaries keeping 19.9306 upper bracket and 19.597 as a lower bracket.
Silver futures for September delivery eased 0.06% to $19.862 a troy ounce, in a medium term perspective, traders on delivery basis can go long in the silver's mid-month for targets of 22 levels that could be entered at current juncture to leverage profits from a rise in the price of the underlying precious metal.