Contact Us | Log In
Search
Sensex: 33345.1 +94.80 Gold: Rs.28527.00
Nifty: 10304.3 +38.60 Silver: Rs.37061.00
Buy MCX Silver Mini February around 42100-42200 keeping stop loss 40044 - IndiaNotes.com
Buy MCX Silver Mini February around 42100-42200 keeping stop loss 40044
Way2wealth | Published: 10 Feb, 2017  | Source : IndiaNotes.com

The silver prices which started correcting from the high of 48930 extended its fall till the low of 38325 in December 2016. From those levels it has been slowly recovering for last few weeks and headed till 42580 levels.

 

 

On the technical front, prices have exactly retraced 61.8% of the previous rally ranging from the low of (32460 - 45506) and currently, prices are recovering from the same. On the daily chart silver prices have come out of the downward slanting trend channel and it has formed at Inverted Head and Shoulder pattern. According to the inverted head and shoulder pattern the neckline resistance was at 42100 mark. This week prices moved above the neckline resistance of 42100 has confirmed the bullish break out and the upside targets of the pattern are projected till 44800 then 46000 levels. In addition to above analysis the momentum indicator MACD has made fresh positive cross over on the weekly chart and the RSI is also recovering from the lower supports supporting the positive momentum.Therefore, we recommend buying in silver around 42100-42200 for upside target of 46000/47500 levels.

 

 

 

MCX Silver Weekly chart

 

 

 

 

 

 

Investment Strategy:

 

 

 

  • Buy Silver Mini February Around 42100-42200 for Target of 46000/47500 with Stop Loss 40044.

 

  • Average Risk/return ratio: 1:2

 

 


  Read full report Click here to read the full report


About Way2wealth

Way2Wealth today has established itself as one of India’s ‘Premier Investments Consultancy Firms’, known for making investing simpler, more understandable and profitable for the investors. They offer a wide range of products & services viz: Equity, Derivatives, Currency Futures, Commodities Trading, IPO's, Mutual Funds, Portfolio Management Services & Depository Services.

 

For more information please write in to editor@indianotes.com

Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.