Sell MCX Silver July: target Rs 43000: Way2Wealth

Way2Wealth's special report on MCX Silver -

In the last week, COMEX Silver rose to USD 23.11/oz. However, it failed to sustain above the same on its third  attempt and finally ended in a negative zone in the form of a "bearish engulfing" candlestick pattern on daily chart. Now the bias is negative and a sustainable break below USD 21.90/oz will intact further weakness in the counter towards USD 20.80 then previous low of USD 20.10 levels. However, any pull back will restrict at USD 23.10 and bring some selling pressure from the same.

MCX Silver July; Any sustainable close above 45650 levels then only it can confirms the trend reversal, until than every pullback is an opportunity for fresh shorts at higher levels.

Action - Sell
Entry - Around Rs 44750
Target - Rs 43000
Stop - Rs 45650

MCX Natural Gas; it seems to lost its upside momentum. An "ending diagonal" chart pattern has developed on daily continuous chart and the final leg of the pattern wave "e" has completed around 240 levels and intact some selling pressure. Initial outlook remains weak and the rising trend-line support at 221 will act as an immediate target, flip below the same will confirm the short-term topping and drag the prices towards 23.6 percent Fibonacci levels at 207.

Weekly RSI has given down crossover supporting the bearish view.

Action - Sell
Entry - Around Rs 230
Target - Rs  212
Stop - Rs 240

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