Silver In Bearish Mode(Technical Overview For The Month-June-2014)

SILVER IN $ TERM 

SILVER CLOSED THE MONTH  OF MAY ON 30-5-2014  AT  18.68.

Range for the month of May-2014 was:--20---18.61

SUPPORT:-18.61 / 18.17 / 17.73 / 17.19 / 16.55 / 15.61 / 14.65 / 13.49 / 12.43 / 11.72 / 10.32 / 9.17/ 8.40.

RESISTANCE:-19.44 / 19.82 / 19.91 / 20 / 20.40 / 21.79 / 22.18 / 23.09 / 23.44 / 25.12

(Figures in bold letters are very important)

Silver is in huge down trend and moved in a very short range of 1.07-1.39 for the last two month and closed the month of May-14 near the lowest point therefore swing on either side  can be expected, so for the month of June-14 – 18.61 is the support level, if it breaks this level then the key support exists at 18.17 if it goes below this and stays then it will trigger fresh major downfall  and that can take silver down to 12- 13.50 level or may be to the point of 8.40 made on 28.10.2008 from where the up  move was started..Going up the range of 19.44--21 is very tough ,it has to stay above 19.44 for a reasonable period of time to indicate that it has made the base  and can give an up-side rally, chances of which are looking very bleak at this point of time but since it is very near to its important support level of 18.17 so may be a short up rally could be in place. The steady trend is down but short up rally from time to time can happen.


REMARKS:-Long term trend is bearish since it has closed the month at the lowest point it may give a short pull back rally .Those who want to take advantage of the pull back rally can go long with a stop loss of 18.40.For investor I would suggest avoid investment in  silver for now and for traders instead of trying long call they should try short call at appropriate level with adequate stop loss because the trend is down and one should always move with the trend. DO NOT TRADE WITHOUT STOP LOSS

NOTE:-
1.PRICE STATED HERE IS OF SPOT MARKET.
2.RECOMMENDATIONS ARE VALID TILL THE STOP LOSS IS TRIGGERED.
3.IN FAVORABLE TRADE TRAIL YOUR STOP-LOSSES FOR MAXIMUM GAIN AND CAPITAL PROTECTION. 

 Contact me for strategic guidance to enter and exit the trade