COMEX Silver has gained more than 7% - Choice Broking
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Silver
On a weekly chart, MCX Silver (Mar) has given a consolidation breakout and moved above 100- weeks Simple Moving Averages and Middle Bollinger Band formation. Itis also forming Bullish Marubozu Candlestick, which indicates a bullish strength for the near term. The silver has also taken a good supportat Horizontal Line around 60000 levels.
On the daily scale, MCX Silver has confirmed a breakout of Symmetrical Triangle pattern and moved above Upper Bollinger Band formation.
Moreover, it has also sustained above 50*100 days Moving Averages, which supports the positive trend for the medium term. In addition, a momentum indicator RSI & Stochastic have suggested positive crossover along with the rising Volume activities.
COMEX Silver has gained more than 7% from the low of $21.98 within a two week and forming like a Double Bottom pattern, which indicates a strong bullish trend for the long term.
Hence, based on the above technical structure, one can initiate a long position in SILVER (Mar) around 63500 or a fall in the price till 63000 levels, can be used as a buying opportunity for the upside target of 67000/69000 while the support is placed at around 61500 & 60000 levels, so 60000 should be considered as a stop loss ona closing basis.
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