Thursday, 26 July 2012

SILVER 4 HOURS CHART- BULLISH TRIANGLE BREAKOUT













Comex Silver has been consolidating for 2-3 weeks and has broken out of this range recently and is looking bullish for the short term. It has recently cleared resistance in the zone of 27.5/70 and looks poised for a test of 28/28.5 zone in the coming weeks. The bullish stance will get negated if the support at 26.5/75 zone gives way.If the 28.5 level  is taken out then we could be heading to 30/31 zone. Traders in India would need to factor in the local currency movement as well. The August contract on MCX is trading at Rs 53415/Kg.

Mohan Raghav
CEO, Financial Markets Algorithms
Web: www.financialmarketsalgorithms.com
blog: fmatechnicals.blogspot.com/
Twitter: camohanraghav
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours

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