Big Hurdle of
Trendline
Comex Silver
Details-
Date-24 sep 2014
Time-13.00(IST)
Description- Comex Silver ( Silver / USD)
CMP-17.74
Trend-
Short term trend- Down
Mid term trend-Down
Long term Trend- Down
Silver is continuously bearish biased in daily time frame.
In weekly time frame, silver is continuously trading lower
levels and making lower top and lower bottom formations, which has confirmed bearish
biasedness in weekly too.
Major change for time being is monthly bias, has changed to
bearish from bias In and close below 18.63
in this month will give confirmation, so we have another 7 days to watch.
Silver is trading below all trend defining averages and
nearest important one is 13 DMA around 18.42.
Trend remains bearish in all timeframes and hence one can hold their long term shorts
and carry their trailing stop losses
below 18.50 for profit booking of short
positions.
Pattern wise, in long term view, we are waiting for fresh
reversal proper patterns to form which can be a big pin bar reversal spotted
when silver made a low of 17.31 two
days back.
When we speak about technical analysis, we give a lot
importance to trendlines. We have shown one powerful trendline and that can be
a deciding move in future. Breaching this
trendline from below can be a reversal of short term trend. Immediate trendline
touch points are around 17.90, so we
must keep watch of this levels too.
Short term trading purpose - Silver made a low of 17.31 and for time being we consider
retracement move towards 18.29 and 18.60 but we wait for breakout of 17.97 for this target and we enter
around 17.98 for target of 18.25.
Immediate levels:-
Silver 17.97--18.29---18.60
Shabbir Kayyumi
(stockstopp)
