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.
here i buy silver average at 55135 , can i hold for a long time for mentioned targets
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
Once again 53900 level proved , how strong it is
@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”