MCX PIVOT POINT

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(Disclaimer : The above chart shown is for study purpose only and not for trading decision)

Tuesday, June 5, 2012

Silver: Trendline resistance

Silver kissed and tumbled from the medium term falling trendline. The white metal has fallen from the weekly upper Bollinger Band towards the lower one. On the way down it has broken key Fibonacci retracement levels. The weekly momentum indicator has triggered a bearish crossover. The falling trendline is guiding the white metal on the way down and will act as a reversal level (ie $29.00) on a closing basis. The target of the low ($26.14) remains on the radar with a potential to extend further down. The channel target is $21.95.

Today`s MCX Free Power Level & Live Chart