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Silver View on Technical basis 20.08.2014Back

Silver September contract inched 427 rupees down to settle at 42240. Silver has fallen below key support of 43000 and settled well below the same for 2nd consecutive day. Stochastic has reached in oversold territory and may bring some recovery from 41700 zones to offload oversold reading. Today price objective for bears would be 42111 any sustained move below that level would bring a retest to 41700 and more down side. Areas of 41700 would remain crucial to watch and metal may try recovering from these levels. Resistance is now seen near 42775 and then at 43100 and any sustained move above that level would bring more charm.

Silver trading range for the day is expected among the key support at 42100 and resistance at 43100.

Recommendation:

Selling can be taken below 42100 with stop loss above 42400 for targeting 41800-41700 might be appropriate.

Silver buying can be taken on declines around 41800-41600 with stop loss below 41300 for targeting 42400-42800 and more upside.

Buying above 43100 with stop loss below 42900 for targeting 43500-800 and more upside might be appropriate.

Silver View on Technical basis 20.08.2014
 
 
 
Posted on: 20-Aug-2014 | Posted by: NIFM | Comment('0')
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