Silver MCX: Buy
Entry price: 55480 - 750
Stoploss: 55180
Target: 57200
Time period : Intraday Only
The Silver Spot US is trading at $33.58.
The StockRSI and William which are the momentum indicators suggest the over-bought zone.
However, it is important to note that the metal has been making higher closings for last 3 weeks.
Therefore, any dip up to the low of last trading session ($33.26) has to be considered as a buying opportunity.
But, if it breaks the low of the previous day, it is prudent to exit the position.
If this situation is considered in MCX, the entry price for the position is placed at 55555 which is the Open price of 25th January.
It is important to note that in MCX, Silver is facing a resistance at 57200 which had been a support of the August 2011 rally after the great fall.
So, for the day, one can buy Silver in the range of 55480 - 55750. The stoploss for the position is placed at 55180 for the target of 57200.
Entry price: 55480 - 750
Stoploss: 55180
Target: 57200
Time period : Intraday Only
The StockRSI and William which are the momentum indicators suggest the over-bought zone.
However, it is important to note that the metal has been making higher closings for last 3 weeks.
Therefore, any dip up to the low of last trading session ($33.26) has to be considered as a buying opportunity.
But, if it breaks the low of the previous day, it is prudent to exit the position.
If this situation is considered in MCX, the entry price for the position is placed at 55555 which is the Open price of 25th January.
So, for the day, one can buy Silver in the range of 55480 - 55750. The stoploss for the position is placed at 55180 for the target of 57200.
Sheetalpuri Goswami
+919879028295
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