Sell Silver For Target Rs.102,879 by Choice Broking Ltd
Sell Silver - Jul @105,753 sell up to 106,000, for the Targets of 102,879 with SL @ 107,400
Comex Silver spot has shown a signs of bearish reversal after reaching a peak levels since 2012, made a high at $37.31. Price has retraced marginally in past couple of sessions, currently trading at $35.97 /ounces.
After reaching its all-time high in Indian market at 109,748; Silver price has shown a signs of weakness in past few sessions. Price has posted significant decline of 4% from the high, currently trading below 106,000. In previous sessions, we have observed a dead cat bounce in Silver price where price has found resistance at 107.084. Immediate support is at 20-DMA level placed at 104.537 and breakout of this level will accelerate downfall in Silver price towards its next support at 50-DMA placed at 101,046. Daily SAR is placed at 109,562.
Even in a recent price surge towards all-time high, we have observed a decline in Ol levels from 22,590 lots to 16,000 lots in July contract. Ol levels currently at 11,670 lots. In September contract, we can see rise in Ol levels to 7830 lots in recent fall from peak. These collectively signifies bearish biasness in Silver price.
RSI levels are declining in Daily chart below 60. Also, we can observe a bearish crossover on MACD alongside emergence of Negative histograms on Daily continues chart.
Based on above analysis, we are anticipating a further fall in Silver price in upcoming sessions and traders may look for Short opportunity for the Target levels of 102,879 with given Stop-loss.
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