November 18, 2013

  • Silver violates the daily support zone at 20.42 - 20.54. Bears need a daily close below this level to confirm breakdown.
  • Second chart shows the triangle breakdown of silver extending the fall. Close below the above mentioned zone may target 19.09 and 18.14 levels.



  • Price found support at 50 Day SMA. Price may target the 20 Day SMA for this bounce.
  • One has to look for weakness near golden ratio which is around 6200 levels. Sustaining above the 6200 may retest the all time high again.
  • For nifty bulls today's gap up should close near the high's to confirm strength.
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"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore