As outlined in the chart above, the price of silver is currently trading in a well defined rising
channel on its daily charts.
The key observation to be made on the chart above is that after correcting from the highs of Rs 66893 levels the prices took support at the ascending trendline and have now formed a 3-bar bullish reversal pattern at this key support.
This bullish reversal price pattern suggests that the prices are likely to trade with a positive bias for the upcoming few sessions of trade.
The price is also taking support at its moving average clusters and any dips towards the moving averages should be used by traders to buy into the counter.
We recommend traders to buy on dips to Rs 64900—64600 levels with a stop loss placed below
Rs 64237 levels for upside targets of Rs 66000 / Rs 66850 levels expected to be achieved over the upcoming 2-3 sessions of trade.
No comments:
Post a Comment