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Silver Technical Outlook 13.08.2014Back

Silver September contract inched 135 rupees down to settle at 43712. Silver has been moving in a very well defined range among 43250 to 44300 zones. Stochastic is hovering near oversold territory and preventing fresh bears to jump in and such activities on stochastic protecting areas of 43300 as very good support. Today price objective for bears would be 43250 below that we will see a decline towards 42900-42500 and more down side. Resistance is now seen near 44050 and then at 44310 any sustained move above 44310 would bring some charm back and then 44700-45000 would be price objective for bulls.

Silver trading range for the day is expected among the key support at 43250 and resistance at 44310.

Recommendation:

Today again selling silver on jumps around 43900-44000 with stop loss above 44310 for targeting 43400-42900-42600 and more down side might be appropriate.

Buying above 44310 with stop loss below 43900 for targeting 44700-45100-45500 and more upside might be appropriate.

In alternative scenario selling below 43250 with stop loss above 43500 for targeting 42950-42600 and more down side might be appropriate.

 
 
 
Posted on: 13-Aug-2014 | Posted by: NIFM | Comment('0')
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