Sharekhan has come out with its report on MCX Silver. According to the research firm, since the last few sessions, the Silver is trading in sideways manner, which is an opportunity to initiate fresh short position. The reversal can be placed at Rs 55200. The target on the downside would be 51500.
MCX silver was trading in sideways manner, which took form of a bearish flag pattern. It broke out on the downside from the bearish pattern and tumbled sharply. The entire fall is unfolding in a channelised manner (pink).
A larger picture shows that silver was trading in a medium-term downward slopping channel and has shifted into a sharper falling channel (blue). Since the last few sessions, the white metal is trading in sideways manner, which is an opportunity to initiate fresh short position. The reversal can be placed at 55200. The target on the downside would be 51500. Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. To read the full report click on the attachment
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