Trend-lines on Silver daily charts indicating a reversal.

ipuneet Updated   
TVC:SILVER   CFDs on Silver (US$ / OZ)

Silver was seen attempting to re-enter the trend lines channel, after a few days of consilidation.

It did respected the doji that was formed day before yesterday.
RSI 21 also appears to honor support of 50 as it as reversed from there several times.
CCI indicator too is indicating a reversal from lower band of range (-70 to -80).

Chances of an upside from these levels are strong.

Beyond technical, the much awaited correction followed by consolidation is probably over, the news flow is neutral to positive and argue for a gradual recovery.
Any positive news flow can force the short positions to cover and push the prices higher at a much faster pace.

17.40 should be the STOP LOSS for all long positions.
Trade active:
As indicated in the charts, the silver prices have gone up by Rs. 1600, and have moved well within the channel. Please hold your positions till it reaches the upper band of the channel.
17.94 can be considered as the revised stop loss. Make sure to protect your profits.


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