Mtechtips MCX SILVER BUY ABOVE 43500 STOPLOSS 43200 TGT 43900 TGT 44100

Mtechtips MCX SILVER intraday trading analysis 03-06-2013

Mcx silver future on last trading session closed at 43504 flat negative.on daily chart mcx silver future trend and momentum both down.now trading below all short term averages on daily chart. on chart mcx silver week average is 43600 then 44000 is month average and in last 47k is 3 month average and major resistance on daily chart.on downside supports seen at 43k and 41800 levels. silver on weekly chart showing flat closing in this week.this week mcx silver future made high at 44925 while low was 42960.total 2000 rupee week volatility and flat closing on consolidation. on weekly chart mcx silver future trend and momentum strong bearish.all major averages still way above 51 to 54k range.on downside 42k is only major support seen on chart.

for next week,silver future outlook remain weak.below 47k trading strategy remain sell on rise but sell near 47k with strict stoploss as on downside 43k and 42k are support zone and current levels risk reward is not favorable.

from medium to long term view,expect consolidation and rang bound moves.above 42k on weekly closing basis risky traders can go for longs with stoploss for bounce back upto 47 to 50k levels in medium term.for long side traders risk remain high while on downside 38k is still open target.

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