MTECHTIPS MCX silver WEEKLY trading analysis 12-05-2015
Mcx silver future on last trading session closed at 37668 with losses. mcx silver future had given trend breakout at 37k level and then hit high near 38300. for next week, traders above 36800 keep long view on silver future for target 38200 which is already achieved and above it 39800. but technical indicators patterns suggesting downside for prices so expect breakdown below 36800 for targets of 35200 and then possibly 33900.on weekly chart, mcx silver this week given positive closing. this was second gaining week for silver. this week silver future hit high at 38300 while low was at 36700. total 1600 rupee week range or almost 5% weekly swing and closed with gain. silver future weekly price trend and momentum both bullish. bottom is formed at 35500 and will remain as strong support. from medium to longer term view, 38700 is strong supply zone and expect rally to pick up above this level only. above that silver can show 43600 to 51300. failure to do so can result 31k on downside.