Mtechtips SILVER MCX intraday trading analysis 08-10-2012

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Mtechtips SILVER MCX  intraday trading analysis 08-10-2012

Mcx silver 05 dec 2012 expiry future on last trading day closed at 61,795 with gains.on daily chart silver future closed below weekly and monthly averages and heading towards 3 month average support.on chart weekly and monthly level formed bearish crossover which is sell signal for silver. silver now look like decoupled from bullion trend and follow base metals trend.on chart 62,200 to 62,600 is resistance zone for silver price and on downside 59,800 is short term trend support of 3 month level. on daily chart,silver cci is below �100 and seems to be oversold condition. on daily chart analysis, mcx silver future outlook is negative and in next week below 62,600 target will be 59,800.