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Silver: A bearish pattern

As can be seen from the chart, MCX silver was trading in a sideways manner, which took form of a bearish flag pattern. It broke out on the downside from the bearish pattern and tumbled sharply. The entire fall is unfolding in a channelised manner (blue). A recent picture shows that the white metal has again formed a small bearish flag pattern. The daily momentum indicator continues to be on the bears’ side. Thus, one can initiate a fresh short position with a reversal above 54739, ie swing high (on a closing basis). The short-term target on the downside would be 51750, ie the lower end of the channel.

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