Weekly chart shows price continue to find support near 20 Week SMA.
Weekly chart will favor bears of silver only if it starts to trade below 31.57. Sustaining above 20 week sma should result in a breakout above the resistance line shown in first chart.
Rimm chart shows price trending down below 100 Day SMA and Ichimoku cloud.
First chart shows fibonacci levels as resistance.
Breaking above 38.2% Fib level may lead to 100 Day SMA and the cloud. For a sustained up move price has to sustain above these tough resistance levels.
Break of 5281 gave a good short trade as discussed in the below chart.
CHART-I
Nifty hour shows 50 Hour SMA coming closer to 200 Hour SMA. It can be a fast fall or if today's lows are held we may see an up move which may lead to a bullish crossover.
5 Minutes chart shown with ichimoku cloud. Falling below 5281 will favor intraday bears. Sustaining above the cloud may give a bullish trade.
50 Week SMA is crucial for bulls and bears. Trading and Closing above this level will keep it safe for bulls as this pullback after the breakout can be termed as a consolidation after an up move which mostly ends up as a continuation pattern. Closing the week below this level will make things weak for the bulls.
For a larger up move or a stronger bull, price has to close above the weekly Ichimoku cloud. So this zone is kind of in between a stronger bull or a back to bear market kind of zone as shown in last chart. which may get resolved when the larger support 5171 or the important resistance 5629 gets taken out.
50 Day SMA near 5220 will be an important support in daily chart. 20 Day SMA near 5393 will act as resistance.
