8th January, 2015: Silver and Copper

Silver Daily Chart
MCX Silver is trading in the 36,000-38,000 range for quite some time now. It couldn't sustain the break above 38,000 and on the short term chart it is consolidating sideways. If silver is able to break above 38,150 it can rally higher towards 39,000 levels. Currently, support exists at 37100-37200 levels and resistance at 37,700 levels. Traders can add on a break above 38,150 with SL at 37,700 and target of 39,000 levels.

Copper Daily Chart
MCX Copper is sustaining below the 390 support levels. Below 388.5, further weakness can drag the metal down to 386 and lower levels. Copper will remain weak till it is below the 394 levels. Traders can look for shorting opportunities as per their risk appetite.

All these trading techniques and their implementation are part of our technical analysis course which is free for those who open their brokerage account through us.
Powered by Blogger.