Silver long term technical outlook

Silver

Silver long term technical outlook (06.03.2013)

Silver now trading around 54850 (($28.70) & we have analyze long term charts for positional traders. As we can see on charts, silver started a downside move in sep 2012 & after & after that we identified seen 3 downside wave in a very rare & ideal pattern called 3 drive pattern. The move is quite ideal & suggest for a possible bounce ahead.

As we can see on above silver charts, if this pattern will start working with a considerable breakout above 56200 ($29.60) then we may witness 3 major possible targets around 57900 ($30.70) , 59000 ($32.10) & then finally 62300 ($34.18).

Only a day close below 52800 ($27.10) will cancel the forecast.

All mcx silver prices are subject to change in INR value.

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4 comments… add one

  • selvakumar March 8, 2013, 1:34 pm

    here i buy silver average at 55135 , can i hold for a long time for mentioned targets

    Reply
    • Sai Venkatesh April 2, 2013, 7:47 pm

      Some theories that silver will fall to 45000 and then rebound, dont know how far it is true but please be careful. Trade with strict stop losses

      Reply
  • mantra March 8, 2013, 11:31 pm

    Once again 53900 level proved , how strong it is :)

    Reply
  • mantra March 11, 2013, 6:00 pm

    @selva, all depends on your trading style. Still yes possible if our mention condition fulfill i.e. “if this pattern will start working with a considerable breakout above 56200 ($29.60) then”

    Reply

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    • Rajandran is a Market Analyst and founder of Marketcalls, one of the most intelligent blog in the world to share knowledge on Technical Analysis, Trading systems & Trading strategies.