Sell Silver Around 56300 SL ABOVE 56600 TGT 56000/55700 - Axis Securities
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SILVER
Silver opened on a flat note and witnessed extreme volatality on eitherside for most part of the session. Silver closed at 56000 level and was down by -340 points. The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. On the daily chart the It has formed a small bearish candle and has closed wiithin previous session low indicating sideways trend for prices. Sell on rise is recommended in Silver as long as 56600 level is intact on the higher side.
SELL SILVER AROUND 56300 SL ABOVE 56600 TGT 56000/55700
COPPER
Copper opened sharply lower with a downward gap and selling pressure throughout the session dragged it lower to close near the day's low. Copper closed at 638 with a loss of 2 points. The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. On the daily chart the It has formed a small bearish candle and has closed below previous session's low indicating negative bias. On Daily chart prices has broken and closed below the trading zone of 645 and 665 which is a bearish sign for prices. Near term trend has turned bearish for prices. Traders can sell Copper on rise around 645 for the target of 641 on intraday basis.
SELL COPPER AROUND 645 SL ABOVE 648 TGT 641/637
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