Silver lining for bears

As can be seen from the chart, MCX silver was trading in 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 (pink). A larger picture shows that silver was trading in a medium-term downward slopping channel and has shifted into a sharper falling channel (blue). Since the last few sessions, the white metal is trading in sideways manner, which is an opportunity to initiate fresh short position. The reversal can be placed at 55200. The target on the downside would be 51500.


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