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.