Report for Date: 2/05/2016
MCX Silver (Price figures below are in Rs/INR per Kg)
Traders long can keep the stop loss at 39600.
Expect higher range of 42393-44571 to be tested.
Further breakout and close above 42500 is essential to extend the rise and maintain the positive momentum.
Silver is potentially set to rally towards 45100, 52700 and 57900.
From physical trader’s point of view accumulate at 40500 and 38800 as the opportunity arises.
Overall, Silver looks bullish for 53000-59000 with volatility and the same may happen in its own time with matching the futures traders timing.
Physical traders willing to block money irrespective of time frame can accumulate on declines.
TREND INFORMATION WITH WEEKLY LEVELS
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
Hold Long
|
41566
|
36832
|
UP
|
36671.0
|
8.04
|
38037
|
40215
|
41042
|
42393
|
44571
|
*Trend will remain Down as long as last close is below the pink color DRV. Trend will be Up as long as Price is above DRV.
PRICE, VOLUME AND OPEN INTEREST STRATEGY
Last Close
|
Price G/L%
|
Volume
|
V -G/L%
|
Open Interest
|
OI -G/L %
|
Candle
|
Position
|
41566.0
|
4.0
|
3549090
|
-20.0
|
2155
|
-76.3
|
Positive
|
Unwinding
|
TECHINCAL INDICATORS TABLE
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
70.32
|
6.30
|
88.02
|
22.54
|
1028.89
|
36.66
|
68.76
|
24.02
|
Disclaimer: There is risk of loss in trading in derivatives and the report is not to be construed as investment advice. The information provided in this report is intended solely for informative purposes. The author, directors and other employees of CC Commodity Info Services cannot be held responsible for the accuracy of the information presented herein or for the results of the positions taken based on the opinions expressed above.