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Silver technical outlook 15.09.2014Back

Silver December contract inched 39 rupees up to settle at 41309. Today price objective for bears would be 41000 any sustained move below that level would bring more weakness and then we will see more declines and retest to 40400 and more down side canít be ruled out. Any closing below 41000 may extend this down side towards 39500 and more down side canít be ruled out. Resistance is now seen near 41400 any sustained move above that level would bring 41700-42100 and more upside.

Silver trading range for the day is expected among the key support at 41000 and resistance at 41400.

Recommendation:

†††††††† Today buying silver above around 41200-41250 with stop loss below 41000 for targeting 41700-42000 and more upside might be appropriate.

†††††††† In alternative scenario buying above 41400 with stop loss below 41200 for targeting 41700-42000 and more upside might be appropriate

†††††††† Selling can be taken below 41000 with stop loss 41300 for targeting 40700-40300 and more down side might be appropriate.†

Silver technical outlook 15.09.2014
 
 
 
Posted on: 15-Sep-2014 | Posted by: NIFM | Comment('0')
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