international silver prices nearing 20 year bull run since making low in the year 1992. the lifetime high of 48.70 was made in the year 1980 after which bear mkt continued till 1992.
current upward movement may terminate near 49 in such case lvl of 28 may not hold on downside.
but if a bullish break out closing on monthly occurs above 49-50, then the upward tgt becomes 61/66/77(in INR near 90000 or above) with a probable correction toward 30.
6 comments:
sir,
silver playing up just like ur superchart from 1980...
do you think i can buy around current levels or closer to 30$
ananyavrat, the april closing was just a shade below 48.70 on silver futures and hence we saw a big profit booking reaction from that strong resistance. do u want to buy for 1-2 months trading or for long period above that(investment)?
sir,
investment and trading advice both would be great...
it has been a massive fall from the top.... most people have been wiped out....
thank you Ananyavrat yes i agree with u its been a rapid and huge fall in crudeoil and especially silver of the order of 25% in a matter of 4 days. i do watch base metals, crude oil etc intraday movements but i don't like to advise on intraday trading in commodities because of huge volatility.
for a very long term say above 6 months a year or above that) time frame the downmove its just a quick profit booking.
but for a medium term investment (3-6 months) or trading(1-2 months point of view its better to avoid buying at this point of time. lets see where it takes support(a minor supp on futures is near 33.6-34 and a stronger support is between 26 and 31). even as iam writing this there is some pullback on intraday from 34. while falling the volumes on daily chart look to be very small and it is quickly getting into oversold territory.
when does it looks like a pullback is happening and some sort of a buying opportunity on the given time frame, i will try to update views here on the blog.
regards.
sir,
could you please update your views on silver....
dear Ananyavrat,sideways profit booking after the massive fall in silver in May is still going on and no buying signal as such for short-medium term, so kindly avoid buying right now, lets see how the trading going on in next fortnight or month.
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