Technical Outlook & Trading Strategy:-
The precious metal pack witnessed heavy selling pressure during the previous session of trade. Just like the price of Gold the price pattern of Silver over the past few sessions of trade has also taken the shape of a bearish head & shoulder pattern.
This is an extremely bearish technical setup and the price will witness heavy supply pressure once it starts trading below the neckline support of the pattern placed at the Rs 57600 levels. The momentum indicators of Silver are trading weak.
We recommend traders to sell 50% at current levels and again on rallies to Rs 58600—Rs 58750 levels with a stop loss placed below Rs 58980 levels for downside targets of Rs 56950 and/or Rs 56500 levels expected to be achieved in the upcoming 2 sessions of trade.
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