Buy MCX Silver (May) @ 63870 SL 62500 TGT 66000 - Choice Broking
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MCX Silver
* On the Daily Chart, MCX Silver (May) has “a formed Falling Wedge pattern; where the price has pulled back after taking a support at lower line of the pattern which indicates a further reversal in the counter.
* Moreover, the price has taken good support at Lower Bollinger Band formation and closed above it, which suggests trend reversal for the shortterm.
* Furthermore, the price has also tested support at 200 days Exponential Moving Averages and managed to settle above it.
* Additionally, A momentum indicator RSI (14) has reversed from the oversold zone which signals bullish strength in the counter.
* Also, an oscillator Stochastic has given a positive crossover, which suggests positive biasness.
* Based on the above technical structure, we suggest a bullish movement in MCX Silver (May) towards the level 66000 in the near term.
Buy MCX Silver (May) @ 63870 SL 62500 TGT 66000
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