The MCX Silver Futures prices have exhibited a notable shift in price polarity around the 70300 level - GEPL Capital
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News / Other data
* Hedge funds boosted bullish bets on Brent crude to a six-week high amid Saudi Arabia’s surprise move to deepen output cuts. Money managers raised bullish bets for a third straight week, according to exchange data released on Friday. The shift came as Saudi Arabia pledged to make an extra 1 million barrel reduction in daily output starting next month to “stabilize” the market, shorthand for halting a price slump. Saudi Energy Minister Prince Abdulaziz bin Salman’s warning that speculators better “watch out” already was hanging over the market
* Oil prices fell more than a dollar a barrel on Friday to record a second straight weekly decline, as disappointing Chinese data added to doubts about demand growth after Saudi Arabia's weekend decision to cut output. Brent crude futures fell $1.17, or 1.5%, to settle at $74.79 a barrel, while the U.S. West Texas Intermediate crude fell $1.12, or 1.6%, to $70.17 a barrel. Both benchmarks lost more than $3 on Thursday after a media report that a U.S.-Iran nuclear deal was imminent and would result in more supply. Prices pared losses after both countries denied the report, ending about a dollar a barrel lower.
* Water from the reservoir of a breached Ukrainian dam is still being pumped to the Zaporizhzhia nuclear power plant to cool reactors and other areas, though levels are at values earlier thought to make it impossible, the U.N. atomic watchdog said on Thursday. The plant, occupied by Russia since the early days of its invasion last year, can fall back on other water sources when the reservoir's water is no longer available.
Chart for the Week
MCX SILVER FUTURES (Weekly) : 73796
Observation
* The MCX SILVER FUTURES prices have exhibited a notable shift in price polarity around the 70300 level, as observed through the Weekly timeframe. This suggests a positive sentiment in the trend.
* Moreover, on the Daily timeframe, the prices have experienced a breakout of the Inverse Head & Shoulder pattern, indicating a potential reversal to the upside, as occurred at crucial support mentioned above.
* Furthermore, the prices have surpassed the 18 Days Exponential Moving Average (EMA), which previously acted as a dynamic support level, further confirming the anticipated upward reversal.
* Additionally, the momentum indicator Relative Strength Index (RSI) has shown a breakout, indicating the presence of a positive momentum in the market.
Inference
* Based on the aforementioned factors, the analysis suggests a bullish outlook for MCX SILVER FUTURES in the short term.
* Buy MCX SILVER FUTURES above 73796 for the target of 78000 where the stop loss must be 71430 on the closing basis.
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