sell silver @ cmp 42380

sell silver @ cmp 42380 for the tgt of 41600 with the sl 42,900. Jay Shriram.

You can see that, silver is in down trend. and recent up move towards 42790 was just a reaction or retracement of fall. On down side, there is a support of 41980 and after that, only support placed @ around 41,500, which is shown in the second chart. ( silver daily ). 
This is only for study purpose. If you like it, then subscribe through email, follow me on twitter and google+ for timely updates. You can trade it on paper only and enjoy it. Jay Shriram.

update 1 , 08.45 pm, 7th Mar.

Friends I booked whole profit at cmp 41930 and exited the trade. 

Update 2 --- tgt achived. 8th March

sell silver @ cmp 42702

Sell silver @ cmp 42702,  I will give sl and tgt & chart study in few minutes.

Update 1, 21st Feb 2017, 01.35 p.m

As shown in the silver hourly chart, you can see that, the silver price broke the channel support & made gap down. Later it filled the gap but it is in process to complete the H&S pattern. This is very bearish chart pattern, next big support is placed @ 42300 level, which will our target and channels support line , which is now placed around 43000 will be our sl. 

Try it, saying Jay Shriram.

Update 2, 03.00 p.m, 21st Feb 2017.

hurry up, book all the profits & exit the trade. cmp is 42480. we got 220 points that means more than Rs 6000. Enjoy, Jay Shriram

Silver @ its support, is it good level to buy ??

 Is it good level to buy silver ? 

 As seen in the attached hourly chart, silver opened gap down today with bearish sentiment in the minds most of traders. But we should use brain in spite of mind with the help of chart levels. 

Fibonacci Retracement

Prior rally was from Rs 45800 to 48450. As shown in chart, 61 % retracement of this upmove is placed around 46840. Today's low is 46875 . So we can say that 61 % retracement is done by silver.

Support level 

Support level is placed around 46950 and price is trading above it and sustained above the level. This happening is making double bottom on the support level.

Conclusion 

One can go for buy positionaly with low quantity with the sl below 46600 because silver looks to be taken support @ 61 % retracement level. Risk reward ratio is good. On upside after breking resistance of 48500 it can fly up to 50000 .

Update 5th aug 2016

CMP is 46733, yesterday silver opened gap down & broke our support level placed @ 46950. At the time of posting this post, price was 47,185 around. Loss of 235 points in this call or analysis. Sorry about that.