A TECHNICAL UPDATE ON MCX-SILVER-5.8.2020

 

 

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

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

 

 

 

 

A TECHNICAL UPDATE ON MCX-SILVER-31.7.2020

 

 

 MCX-SILVER

 

 Closed at Rs.62507=00 on 30-7-2020

 

SUPPORT:62428/62400/60450/59942/59306/58999/57947/57713/56738.

 

RESISTANCE:63930/64404/64986/65405/65723/66764/67382/69889/70371/73117/73600/75300/76108/82525.

 

Critical Points Moving Up:-62575---65405---67560---73600.

 

Critical Points Moving Down:-59490---56998---54505---51421---50660.

 

(Bold figures are very important)

It is looking reasonably o.k. on the technical chart but exhibiting much lesser strength in comparison with the MCX-Gold. It made a recent bottom of 46436 on 15.6.2020 and in 31 trading session it almost moved vertically up and made a high of 67560 on 28.7.2020 and then started correcting. Its critical and important points as of now are 62575 & 65405 and it has closed below 62575 today and if it sustain below it on the closing basis then down move may accelerate and moving down it will find support at 59942---59490---56998---54505---51421---50660 levels and it may bounce back from any of these points and may resume the up move again so watch out. But please note that to resume the strong up momentum again it has to move above 65405 and sustain on the closing basis then it could take it to its all time high of 73600 which it made on 25.4.2011 or beyond, but it would face stiff resistance at various point on way to it. The up journey looks tough at this point of time but the overall chart setup indicate further up move ahead in coming days provided it clears the above mentioned important points. 

In view of the above observation, the trend is up but since it is correcting and below its critical point of 62575 now therefore avoid long trade because if it maintains below it then it may slip down further and one may get it much cheaper, so try long trade only after a reasonable or sharp decline with the help of above mentioned support points or try if it maintains above 62575 on the closing basis. I once again repeat that it will pick up strong up momentum only if it moves and sustain above 65405 on the closing else it will move sideways with slightly downward bias.

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 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

suranank@gmail.com

Mobile—8240951127/9831313654.