SILVER MCX

14 Nis 2022

SILVER MCX in the near term 70500 - 70600 are the resistance zone for silver mcx, it has possibly completed wave ii in three wave decline, and now possibly wave iii is unfolding. If our wave counts are going correct then above resistance zone silver can show 79000 plus, where wave iii would be equal to wave i.
Currently price is sustaining above RK's stop line and also above RK's cloud along with buy signal in RK's Magic on daily chart, which is a good positive sign itself, if we see price is also above 20DMA and 20WMA, macd is also positive in both daily and weekly time frames, RSI on weekly is uptick, stochastic on daily is supporting same bias.
On the way down immediate supports are pegged at 67050 as a RK's stop line, and major support at 65298 to watch out for upcoming sessions.

Overall wave structure on weekly chart


macd positive in weekly and also above zero line


macd positive crossed in daily chart


RK's indicator also suggesting to go long


Price above 20WMA above mid bollinger in Weekly chart


Price above 20DMA above mid bollinger in daily chart


rsi in weekly uptick


stochastic in daily going positively uptick


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I am not sebi registered analyst.
My studies are for educational purpose only.
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