1:34 PM
alphaadvisory
MCX Silver February was trading at lower levels for a week. Crucial
fundamental factors have impacted Silver futures for the last two
months.
After the double top pattern from October to December, the commodity has been bearish since the beginning of 2013. Silver crossed the 59483 levels and decremented to 57600 levels. The strength of the rally is not sufficient for an upward movement for the week as there may be short covering at lower levels.
On charts, Silver tracks are showing a bearish phenomenon. It is trading well below 20 day SMA at 58410 levels. MACD is less than zero implies the weakness of the rally; RSI at 41.90 is not a corrective term at all. Stochastic level recovered from oversold territory and is moving around lower levels.
Rate of change oscillator was slight weak, hence down trend is to be expected. When silver price breach 58460 levels, it may witness a steady decline to 57500 levels. Strong support is now seen at 57540 levels. Short covering is expected for the silver trading during the week.
S1: 57540 S2: 57500
R1: 57700 R2: 57860
Trend: Bearish
After the double top pattern from October to December, the commodity has been bearish since the beginning of 2013. Silver crossed the 59483 levels and decremented to 57600 levels. The strength of the rally is not sufficient for an upward movement for the week as there may be short covering at lower levels.
On charts, Silver tracks are showing a bearish phenomenon. It is trading well below 20 day SMA at 58410 levels. MACD is less than zero implies the weakness of the rally; RSI at 41.90 is not a corrective term at all. Stochastic level recovered from oversold territory and is moving around lower levels.
Rate of change oscillator was slight weak, hence down trend is to be expected. When silver price breach 58460 levels, it may witness a steady decline to 57500 levels. Strong support is now seen at 57540 levels. Short covering is expected for the silver trading during the week.
S1: 57540 S2: 57500
R1: 57700 R2: 57860
Trend: Bearish
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