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Silver Intraday View 26.05.2012Back

Silver July contract inched 179 rupees down to settle at 40797. Silver traded in narrow range but however it managed to breach support of 40700 on Friday’s session. Stochastic has reached in oversold territory that may prevent fresh bears to jump in. Today support would be 40500 any sustained move below this level would bring 40100-39800 and more down side. Resistance is now seen near 41100 any sustained move above that level would bring 41400-41700 and more on cards.

Silver trading range for the day is expected among the key support at 40400 and resistance at 41400.

Recommendation:

  • Today buying silver among 40800-40600 with stop loss below 40500 for targeting 41400-41800 and more upside might be appropriate.
  • Selling below 40500 with stop loss above 40900 for targeting 40100-39800-39500 and more down side might be appropriate.
  • Buying can be taken above 41100 sl below 40800 trgt 42000 n more upside.

 

Silver Intraday View 26.05.2012
 
 
 
Posted on: 26-May-2014 | Posted by: NIFM | Comment('0')
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