mcx silver hourly chart
This is the hourly silver mcx chart & you can see symmetrical triangle developed. Break out point is as a rule, highest & lowest price within the triangle.
One can take position after breakout. Thanking you, Jay Shriram.
Update 1, 22nd mar, 06.00 p.m.
Yes, it happened as happens usually after coil creation. Huge jump from 40800 to 41300. Price broke out at 41221 and entered in bullish territory.
Currentally silver is in hands of hedge funds and bank's at comex. so trade with strict trailing sl. that's all what I can say about this commodity. We booked heavy losses after fed rate hike. Some days ago. Jay Shriram.
Update 2, 25 th March, saturday
mcx silver hourly chart
As seen in the chart, after complision of symmetrical triangle ( coil ) pattern price broke 41221 mark, which was the confirmation of upward breakout. After that it went up to 41600 & closed on 41500 mark positively.
Now next resistance is 42000, that means price can go up to 42000 mark without any major resistance. On down side 41200 will play a role of support line.
This is how technical analysis help us to predict price movements. I love triangle pattern's because these are perfect tool to predict future movement.
I am closing this post now. NO further updates will be there. Enjoy safer profits. Thank you, Jay Shriram.
Update 3, 27 march, 07.30 pm
Final tgt achived, CMP is 42,100. Enjoy, Jay Shriram
