MCX-SILVER
Closed at Rs.69797=00 on 4.8-2020
SUPPORT:67382/66764/65723/65405/64986/64404/63930/62574.74.
RESISTANCE: 69889/70371/73117/73600/75300/76108/82525/84744/89252.
Critical Points Moving Up:-73600.
Critical Points Moving Down:-65405.
(Bold figures are very important)
It was technically o.k. earlier also (see my post of 31.7.2020) but now it is exhibiting tremendous strength as it is far above its critical, important and benchmark point of Rs. 65405 which indicates that if it holds this level it is heading to test its previous all time high of Rs.73600 it made on 24.4.2011 or may go beyond also chances of which looks very bright at this point of time. However intermittent corrections are not ruled out. The present trading range for it is between Rs.65405---Rs.73600 and sustained break above Rs.73600 will take it to much higher levels, similarly sustained break below Rs.65405 can push it into correction mode which may please be noted. The overall technical setup indicates that the chances of the upside breakout is pretty high. The long term trend is up.
In view of the above observation, it is strongly suggested to buy on decline but not below Rs.65405 because then it may correct, so in that case buying should only be done once it bounces back above this mark again and sustain on the closing basis. The bias as on now is highly bullish.
Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.
Kindly note that make your cost your stop loss
in favourable trade and then trail it as the price move up/down
to gain maximum profit and avoid losses. Use support and resistance levels as entry,
exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP
LOSS.
Note: Price stated here is of spot market
Contact me for strategic guidance to enter and
exit the trade
Thanks
Narendra Kumar Surana
Mobile—8240951127/9831313654.
No comments:
Post a Comment
Thank you for sharing your views.