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Silver trading view for short term tradersBack

Silver May contract inched 506 rupees down to settle at 41962. Silver failing to hold above its 10 days SMA and again falling below the same. Stochastic has given a bearish cross just below 40 levels indicates aggressive selling forces in this counter. Today price objective for bears would be 41800 any sustained move below this level would bring 41550-41000 and more down side. Resistance is now seen near 42350 any sustained move above that level would bring some more charm and then we may see an attempt towards 42700-43000. Key resistance would remain at 42450-500 zones.

Silver trading range for the day is expected among the key support at 41400 and resistance at 42500.

Recommendation:

Today again selling silver on jumps around 42000-42200 with stop loss above 42400 for targeting 41600-41300-40800 and more down side might be appropriate.

In alternative scenario selling below 41800 with stop loss above 42050 for targeting 41500-41200-40800 and more down side might be appropriate.

Buying Silver above 42900 with stop loss below 42600 for targeting 43300-43700 and more upside might be appropriate.

 
 
 
Posted on: 30-Apr-2014 | Posted by: NIFM | Comment('0')
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