- First chart shows daily time frame with range breakout and target zone which is above 22.
- Second chart is the weekly time frame with price breaking above Middle bollinger band. Closing at the current levels may extend this move towards the upper bollinger band.
- Immediate levels to watch is the 38.2% Fib level shown in daily time frame. Price must sustain above this level for a bigger up move to happen.
My blog Analyses the trend and patterns of stocks, Futures, Commodities and Forex Markets
February 14, 2014
SILVER Range breakout and target levels
Nifty chart analysis
- Daily chart unable to move past 20 and 50 Day SMA has fallen towards 200 SMA again.
- Weekly stochastic is yet to reach oversold zone. If the recent low near 5930 and 200 SMA is not held a bigger down move is likely to be seen.
- Bulls need price to show consolidation near 200 SMA for a possible up move to happen.
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