MTECHTIPS:INTRADAY TRADINH ANALYSIS

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MCX DEC SILVER MARKET RECOMMENDATION

Mcx silver sep future closed at 59,000 on Saturdays session. here also after Dipping upto 56,600 silver short covering rally triggered and now heading for 60,000.we recommended short around 58,200 for target 56,000!on daily chart mcx silver future weekly average is 58,100 below that monthly average 56,000 and in last 54,800 is 3 month average. here also silver commodity channel index initial correction now in overbought zone. on upside 60,000 and 61,200 are resistance levels for next week.

weekly analysis:-

Mcx silver future on weekly chart given straight 7th positive consecutive closing!! on weekly chart also first major supply zone is at 60,000 and 61,500 if silver cross this then next zone will be 65,500-66,300. on weekly chart 6 and 12 month level are at 55,000 below that 2 years level is 51,000.

TRADING VIEW:-

Short term and day traders, stay long with stoploss below 58,100 for targets of 60,000 and 61,500.

for medium and long term traders,60,000 and then 65,000 will be targets while 58,100 and 56,000 support levels.