Sell MCX Silver Mar; target of Rs 36850: Way2Wealth

Written By Unknown on Senin, 02 Februari 2015 | 16.02

Way2Wealth has recommended to sell MCX Silver March around Rs 38620 with a stop loss of Rs 39335 for the target price of Rs 36850, in its research report dated Feb 02, 2015.

Way2Wealth's report on Silver

MCX Mar SILVER

COMEX Silver prices have shed almost $1.5/oz on wo-w basis, as the bears have regained the strength for near future. It tested a valid "horizontal" trendline resistance at $18.45 levels and reversed the uptrend by forming a "bearish engulfing" candlestick pattern on weekly charts. This signifies a bearish trend in coming sessions that can drag the prices towards next support of $16.40 levels on downside.

In-line with COMEX view, MCX Silver too shed 1860 point on weekly basis and ended in a negative zone. Further fall is expecting towards 36850 levels, where as an immediate resistance resides at 38620 levels.

Action : SELL
Entry : Around 38620
Target : 36850
Stop : 39335

For all commodities report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click here


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