Silver Intraday - MCX - May 16

MCX:SILVER1!   Silver Futures
#Silver Intraday Analysis - Bullish Ascending Triangle
Current Price: Above 87460

Level 1: 87650
Level 2: 87800
Level 3: 88000

Chart Pattern: Ascending Triangle (Bullish Continuation)


Silver is trading above 87460 within an ascending triangle pattern. This pattern typically indicates a continuation of the uptrend. A breakout above the triangle's resistance (around current price) suggests potential for further upside.


The analysis suggests three potential target zones based on the height of the triangle and the current price level.

Stop Loss:

A stop-loss order is placed below the triangle's support at 87260 to limit potential losses if the price breaks down below the pattern.

Risk Management:

Always remember to manage your risk by using stop-loss orders and position sizing appropriately. This analysis is for informational purposes only and should not be considered financial advice.


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