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Silver (27.02.2013) respected our analysis & moved lower. Hope you all printed green-red papers.Check last report here
Now silver is trading around 55450 ($29.20) ( april contract) & as we can see on charts, silver extended its downside move to 78.6% feb correction level, where it is taking support from long descending trade line. As we as this level represent a parallel support area. At the same time we have witness a positive divergence , hinting for a bounce ahead. Candlestick pattern is positive.
Based on above studies, we will prefer to buy mcx silver on some dip for possible targets around 56300 ($29.64) & then 57900 ($30.69). Only a day close below 53900 ($28.18) will reject the forecast.
Best of luck. –
