SILVERMINI (26 FEB 21), May go upside from some dip for aggressive traders can take long position near 69200-69100 but safe traders can wait for the best entry level down side near 69000-68900. It may find the support near 68440 and upside it may go till 69500-69700
According to the date range on MCX Silver daily chart, it's changing the trend after every 46 bars.
If silver does not crossover 88.60% of fib retracement before completing 46 bars, we may expect a downtrend ahead. It can collapse up to 61000 to 55765 .
Here, targets for intraday traders: 67500 - 65600 - 63660 .
Or if it breaks the 88.60% , then silver...
Silver is growing slowly. According to this chart, silver is trying to move upside from the strong support trendline. It's a potential reversal point based on a support trendline.
Currently, it has broken a strong support trendline. We have chances to see a tail , fakeout , or excess here. That can be up to a hurdle. And the hurdle breakout is a direct sign...
Silver made a bullish Elliott wave. The fifth wave is including a diagonal. After the fifth wave, there is an ABC correction. Silver can move upside to 62840 - 63560 levels.
Expected C range: 60565 - 59200 - 57045
The correction will over at 63560 to change the current trend. And upside rally will resume for the levels of 65000 - 66000 - 68000+ .
By following the symmetrical triangle (ST), we can say that if candles will consecutively crossover the upper line, the silver will hit the following targets: 72460 - 75360 - 77800 - 80000+
According to the ST, the final targets are 86700 to 88000 levels.
But if you look at the volume and S RSI indicators, it is planning for a downtrend. And at present,...
Silver(07.01.2015) remain very quite for more than 2 months & traded in range. However this range bound trading came with some surprising moves which plotting the future movement story most probably.
Fundamental remains very weak for silver from last few months, gold with bad performance in 2014 kept pressure on silver as well as slowdown in leading manufacturing...