SILVER MCX (2-April-2013) on daily charts seems to be trading near to Strong support zone 51300-51100, As SILVER today has a faced major Correction, Some Relief Rally is likely and Risk and Reward Ration on initiating a Long Position at current Levels will be favorable.
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From Current Levels (51350) we recommend to Initiate a long position on SILVER MCX with stoploss as 50800 on Closing Basis.
SILVER COMEX is Also Trading Near to channel support around 27.20 – 27.25$ and there can be some relief rally in coming days for short term. Immediate Resistance is around 28.20$ and Risk Reward Ratio on while initiating a Long position is always high near to supports.
From Current Levels 27.22$ we Recommend to initiate a Fresh long position. If it Breaks 27$ on closing Basis then SILVER COMEX may head towards lower support levels around 26- 25.90 $
I’ve been following the ETF Silver Pairs (USLV-Long/DSLV -Short) . Started to follow but to late to short but am planing to go long when trend gives a signal. What do you use (TA) for trend following? I use Amibroker.
Dick