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Tuesday, July 31, 2012

Daily Update(31/7/12)

Today's Scenario:
The bounce has come up as expected,but the pattern of the bounce suggests a more stronger rise in the coming days,till the 26.90 level holds.Initial target would be 28.30-28.60(currently trading in this zone)and then 29.41 zone.Support at 28.00-27.80-27.50.
Happy Trading. 

Sunday, July 29, 2012

Daily Update(30/7/12)

Today's Scenario:
We tested 27.85 and reversed back lower.The pattern of the bounce supports the case for yet another thrust into the 28.30-28.60.It is important for the support at 26.90 be held to support this case.Support zone is 27.37-27.10.
Have a great trading day ahead.

Weekly Update(30/7/12-4/8/12)

Weekly Scenario:
The MACD divergence still supports the case for a bounce which should find resistance initially at 28.38-28.68 zone and then on a breach of that zone we would next target 29.80-30.00.But the intermediate term is still down,this could just be a bounce which is normal in markets as we all now.Long term support lies at 24.26-22 zone which would be reached with the break of the support shelf at 26.30.
Have a great trading week ahead.

Friday, July 27, 2012

Daily Update(27/7/12)

Today's Scenario:
Support was mentioned at 27.25,prices came very close it.And it bounced back from the support into the 27.70-28.05 zone.Now it looks like it can test the 28.05-28.28 zone and then fall back.Any rise above 28.50 would rescind this forecast,and then we will update with the alternate scenario.Support at 27.25-27.08
Have a great trading day ahead.

Thursday, July 26, 2012

Daily(26/07/12)

Today's Scenario:
We have been making a case for a bounce since quite a few days and it came up today.Support lies at 27.25-27.08. Further bounce attempts in the 27.74-28.04 zone possible or even 28.28.Have a great trading day ahead.

Wednesday, July 25, 2012

Daily(25/7/12)

Today's Scenario:
The odds are still with the bears,any bounce attempts should falter within the 27.78-28.04 zone(should be complete within 2 or 3 days).Lets follow the markets carefully any change in the scenario would be reported soon afterward.Support lies at 26.33-26.00 and the 25.60.24.83 zone.Any surge above 28.50 would negate this forecast.Happy trading.

Tuesday, July 24, 2012

Update Timings

Please note that the update time could be either 6 a.m. or 6.p.m (IST )!! Yes i know that's a WIDE  time gap but this is how my schedule permits it to be.
Happy Trading.Be Safe!!

Daily Update(24/7/12)

Today's Scenario:
There is nothing much to report about ,the downtrend remains intact with closings below 28.50,while any bounce attempts must falter within the 27.78-28.04 zone.Support at 26.33-26 and finally  25.60-24.83.
Have a great trading day ahead.

Sunday, July 22, 2012

Daily Update(23/7/12)

Today's Scenario:
The short term trend is still down.A break of the support shelf at 26-26.20 would target the lower zone at 25.60-24.83Any bounce attempts on the short term should be capped by the 27.80-28.03 resistance zone.
Any rise above 28.49 would require us to reassess the short term potentials.Minor Support at 27.10-26.75.
Have a great trading day ahead.

Weekly Update(23/7/12-28/7/12)

Weekly Scenario:
The medium term trend remains down we have been in a very tight range since the beginning of July.A two to three week bounce could be seen, this bounce must find resistance around 29.80-30.00,while any strong close above the aforementioned level ,would mean a much potent bounce is on the cards.A break of the support shelf around 26 would turn things very bearish targeting the 24.26-22 zone.
Note:Weekly MACD is diverging which cold tilt the odds towards a bounce.Please keep a track of the daily updates any change in the market direction would be reported immediately there.
Have a great trading week ahead.

Wednesday, July 18, 2012

Daily Update(18/7/12)

Today's Scenario:
Our overall view is still bearish any bounce attempts must falter within the 27.75-28.00 zone.Support lies at 26.50-26.00 and finally 25.60-24.83.
Have a great trading day ahead.

Tuesday, July 17, 2012

Daily Update(17/7/12)

Today's Scenario:
As the forecast stated ,prices reversed from the 27.70 area and tested 26.90 and again bounced back,looking at the pattern of the rise further bounce attempt into the 27.70-28.03 zone cannot be discarded.While on the contrary a break of 26.85.26.50 zone we might resume the downtrend.Remain cautious Bernanke speech coming up at 7.30 pm(GMT +5.5).
Have a great trading day ahead.

Sunday, July 15, 2012

Daily Update(16/7/12)

Today's Scenario:
The short term trend is down.Silver seems to have completed the bounce at 27.59 as mentioned in the previous updates.Any remaining bounce attempts should fail within the 27.75-28.07 range,there exists a fair possibility a final bounce attempt.Support could be seen initially at 26.80-26.50-26.00 and finally at 25.60-24.83.Any rise above 28.45 would rescind this forecast.
Have a great trading day ahead.


Weekly Update(16/7/12-21/7/12)

Weekly Scenario:
The medium term trend remains down.Resistance could be seen at 28.45-29.08.We could break the support shelf at 26.50-26.00 and test the 24.26-22 zone.While any bounce attempts must terminate within the 29.45 level,while on the contrary the breach of this level would suggest a greater potential for the ensuing bounce.

Have a great trading week ahead.

Friday, July 13, 2012

Daily Update(13/7/12)

Today's Scenario:
Sorry for the late updates since past few days.We are now at a critical medium term juncture any rise above the 28.56 will change the medium term implications.Silver must reverse at or near 27.70 for the downtrend to remain healthy.Support at 26.80-26.50.
Have a great trading day ahead.

Thursday, July 12, 2012

Daily Update(12/7/12)

Today's Scenario:
The trend is still down,resistance could be seen at 27-60-27.89-28.12.Support at 26.54-26.00.Any rise above 28.43 would negate this forecast and we will have to re assess the short term potentials.
Have a great trading day ahead.

Tuesday, July 10, 2012

Daily Update(10/7/12)

Today's Scenario:
The trend is still down,resistance could be seen at 27.89-28.12.Support at 26.54-26.00.
Have a great trading day ahead.

Sunday, July 8, 2012

Daily Update(8/7/12)

Today's Scenario:
Silver resumed its downtrend with bounce ending in the 28.56-29 zone as mentioned in the daily updates we didn't see any extension of the bounce,thereby reversing sharply from 28.47 itself facing resistance from the trend line as well.The support for the day lies at 26.20-25.85.Resistance at 27.87-28.20.I just wanted to share a nice trade idea with the readers,Traders can short silver at 27.50 or higher with a stop at 28.88.But please analyse the risks involved with your business adviser or broker before participation,and the author wont be responsible for any losses incurred, an all time winner trading system is hypothetical,this tip is just expressed in good faith but there is no guarantee.
Have a great trading day ahead.

Weekly Update(9/7/12-14/7/12)

Weekly Scenario:
The medium and the short term trend is down,we had a nice bounce terminating in the 28.56-29.00 zone as mentioned in the daily updates.Now with this upcoming week resistance would be seen at 27.90-28.25 and the downtrend must be in force until the recent high of 28.47 remains intact.We can test 24.26-22 zone within the coming weeks ahead.
Note:Prices are trading well below the long term trend lines supporting our bearish forecast.
Have a great trading week ahead.

Friday, July 6, 2012

Daily Update(6/7/12)

Today's Scenario:
Hey guys sorry for no update,but there is nothing much to say about with the 27.40 level being broken we retain our bearish outlook.I will give a full weekly update tomorrow.
Happy Trading

Thursday, July 5, 2012

Daily Update(5/7/12)

Today's Scenario:
Silver is still continuing the bounce which might end at 28.85-29.05 or 30.20 in case of an extension.But the overall trend is still DOWN.Support for the day lies at 28.06-27.81-27.42.A break of 27.42 would negate any remaining bounce attempts.Have a great trading day ahead.

Wednesday, July 4, 2012

Daily Update(4/7/12)

Today's Scenario:
Sorry guys for the late update there is less or no change from yesterday's update with independence day today one could expect low volumes and range bound price action.But the bottom line is silver could bounce and end at the 29-29.50 range or at the maximum 30,after this silver must resume the downtrend targeting the support shelf at 26.03-26.24.A close below 27.23 would negate any further bounce attempts.Support at 28.06-27.81-27.42.
Have a great trading day ahead.

Tuesday, July 3, 2012

Daily Update(3/7/12)

Today's Scenario:
Nothing much changing from yesterday's update the bounce sports an impulsive look which suggests we might see some positive price action,while any move below 26 would suggest the resumption of the downtrend.Resistance at 28.56-29.25.Support at 27.20-26.80.This week could be less volatile with the NYSE closing at 1pm today(EDT) and a holiday on July 4(Independence Day)
Have a great trading day ahead

Monday, July 2, 2012

Weekly Update(2/7/12-7/712)

Weekly Scenario:
Prices remain below the long term trend line.The medium term trend is still down resistance could be seen at 28.84-29.25  and finally 30.46-31.50.On a weekly close above 33.56 the medium term downtrend would be neutralized.Support lies at  24.26-21.76 zone .
Have an amazing trading week ahead.

Daily Update(2/7/12)

Today's Scenario:
The bounce extended and ended at 27.93 with some positive news coming from the meeting in the EU zone.Will this meeting have a long term effect on the markets? Chances are rare because since May 2010 there have been 18 EU summits all aimed at providing a solution but none succeeded,rather making the situation more worse.Now lets get back to silver the pattern of the bounce is impulsive,which means it might further extend into the 28.84-29.25 zone,while any fall below 26 would signal the resumption of the bear trend.Support at 26.85-26.35. Have a great trading day ahead.
P.S-Please note i don't have any bias and i am not an all time bear its just that the worldwide financial markets are now in a dire hard to bail out situation with so much unsustainable debt load.