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Silver

On a weeklytime frame, MCX Silver (Dec) future has been trading in a Sideways Trend from last couple of weeks. Although, the price has taken support of prior demand zone & lower Band of Bollinger with Hammer candlesticks, which indicate a bullish set-up in the counter. In addition, the price has also settled above Pivot Point, which indicates a bullish reversal in near future. Moreover, an oscillator Stochastic RSI is also supportive for the long position with positive crossover. In addition, on a daily chart, the RSI indicator has also sustained above 50 level & also MACD given positive crossover, which support rising strength. Hence, based on the above technical structure one can initiate a long position in MCX Silver (Dec) future at CMP 61700 or a fall in the price till 61200 levels can be used as buying opportunity for the upside target of 65300. However, the bullish view will be negated if MCX Silver (Dec) future closes below the support level of 59900.

Soybean

 On a weeklytime frame, after a blood bathNCDEX Soybean (Nov) future has been trading near immediate support of Horizontal line & lower band of Bollinger, which indicate the price may reverse from support zone. In addition, an oscillator Stochastic RSI is at oversold zone, which also indicates trend, may change in near future. Moreover, on a daily chart, a momentum indicator RSI (14) witnessed divergences which point out a further reversal in the counter.Hence, based on the above technical structure we are expecting bullish Reversal movement for the month ahead. On the downside, it may find the support around 4770 while upside resistance is intact at 5850.

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