MCX Silver July Weekly: Further Rise Is Above 41975 Closing

Report for Date: 23/05/2016

MCX Silver (Price figures below are in Rs/INR per Kg)

Exit long on rise from 39834 or above as the opportunity arises.

Expect correction of the rise from 33173 to 41975.

The retracement levels are placed at 38614-37595-36557.

The DRV is at 37712.

Resistance will be at 40317-41012-41975.

Correction to 38614 at least could be seen before making attempt to move higher and cross 41975 in due course of time.

From physical investors angle accumulate as Silver prices hit the retracement level of 38614-37595-
36557 as and when the opportunity arises.

Traders in futures may take chance to accumulate at DRV-
37712 or at 36901 with a stop loss of 35419.

Extreme near term traders can look for rise to 40317-41012 to exit long and re-
enter long if the close is above 41975.

In order to maintain stronger bullishness for Silver then the price must not fall and close below 38800.

Lower range for the week can be 39138-37264.

TREND INFORMATION WITH WEEKLY LEVELS

STRATEGY	CLOSE	DRV	TREND*	Trend Price	Trend Date	L1	L2	CP	L3	L4
Hold Long	39834.00	37712.26	UP	36671.0	8.04	37264	39138	40317	41012	42886

*Trend will remain Down as long as last close is below the pink color DRV. Trend will be Up as long as Price is above DRV.

PRICE, VOLUME AND OPEN INTEREST STRATEGY

Last Close	Price G/L%	Volume	V -G/L%	Open Interest	OI -G/L %	Candle	Position
39834.0	-2.8	3243990	2.8	9545	-7.0	Negative	Unwinding

TECHINCAL INDICATORS TABLE

RSI	1-ROC-RSI	Stochastic	1-ROC- Stochastic	MACD	1-ROC MACD	RS	1-ROC RS
60.10	-9.29	78.17	-14.54	1325.45	-1.61	50.10	-15.35

Disclaimer: There is risk of loss in trading in derivatives and the report is not to be construed as investment advice. The information provided in this report is intended solely for informative purposes. The author, directors and other employees of CC Commodity Info Services cannot be held responsible for the accuracy of the information presented herein or for the results of the positions taken based on the opinions expressed above.