MCX Silver March Weekly: Cover Short Position At Lower Range

Report for Date: 12/12/2016

MCX Silver (Price figures below are in Rs/INR per Kg)

The 61.8% retracement is at 39079 and the demand zone attached to it is 39291-38270.


The gap at higher range is at 41680-42194.


A breakout and close above the gap of 41680-42194 with bullish candle can lead to a reversal for a new rally.


Medium term investors can accumulate in physical at current level and on decline to retracement level or demand zone of 39291-38270 as and when the opportunity arises.

Downside momentum will be stronger if breakdown and close below 38200 is witnessed in time to come.

Potentially, we are looking at the bottom at current level or at demand zone in near term.

For long term, Wave ii of Wave 5 is in progress which may end at current level or in the demand zone.


Higher range for the week can be 41898-43150.


Traders short and holding the same can maintain the stop loss at 42194.

TREND INFORMATION WITH WEEKLY LEVELS

*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

TECHINCAL INDICATORS TABLE

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.