TVC:SILVER   CFDs on Silver (US$ / OZ)
Silver had broken support trendline and closed yesterday below 20 day moving average, which is clear sign of bearishness ahead. After bounce from lower end of falling channel it got rejection at upper end of falling channel, also RK's Momentum turned in sell mode, all other trend indicators like macd, rsi etc. are also suggesting same bias, According to wave structure we are possibly in wave Z of Z, which can lead to retest levels of $ 20.462 and if sustain below this then $ 19.80, On upper side RK's stop line may work as a major hurdle which is pegged at $ 22.550 to watch out for.

Over all wave structure could be like this one

Price had broken Support Trendline along with 20DMA level on closing basis

Price getting Declined by RK's Cloud and stop line on daily chart

RK's Momentum turned Negative on daily chart

Macd in weekly already in Negative mode

Macd in daily down tick converging to Negative mode

RSI in daily down tick and near 40

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yes there is still space pending down side
chart updated below
silver update on hourly chart as per wave structure''

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

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