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MCX silver has broken downside triangular pattern on the one-hour chart

As one can see from the adjacent chart, MCX silver has broken on the downside on the triangular pattern on the one-hour chart. The negative crossing on the downside on the key moving averages and Moving Average Convergence Divergence valued (139) both indicates bearishness on the commodity. The other technical observations are Relative Strength Index valued 42, Momentum valued 331 and Parabolic Stop and Reverse valued Rs.36,785 is above the current market price. On rise till Rs.36,500-Rs.36,700, one can sell for downside target of Rs.36,000-Rs.35,500. Trade above Rs.37,200 will negate a bearish view.

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