SILVER TECHNICALS MCX

11월 11일

This chart is a technical analysis of Silver Futures (MCX) on a daily timeframe. Here are some key technical insights:

1. Price Channels: The chart has two primary trend channels, one in blue (upward sloping) and another in red. These channels suggest that the price is moving within a rising trend, with the blue channel indicating a broader trend and the red lines showing a shorter-term trend within that range.
2. Fibonacci Levels: There are multiple Fibonacci retracement levels shown, which act as potential support and resistance levels. Key levels visible on the chart include:
• 23.6% (₹95,002), 38.2% (₹93,183), 50% (₹91,855), 61.8% (₹90,206), and 78.6% (₹88,693).
• These levels are commonly used by traders to identify potential reversal zones. The price has been moving close to these levels, which might serve as points of interest for bullish or bearish reactions.
3. Support and Resistance Levels: The levels ₹86,431 and ₹115,040 are highlighted in larger fonts, indicating strong support and resistance zones.
• ₹86,431 appears to be a key support level, aligning with a lower boundary near the blue channel and some Fibonacci levels.
• ₹115,040 is a significant resistance level, marking the upper limit of the price forecast in this analysis.
4. Price Action: The recent price movement shows a downward correction within the broader upward trend. Currently, the price is testing lower support areas within the channel and Fibonacci retracement levels, which may indicate a possible support zone if buyers re-enter.
5. Volume and Indicators:
• The volume bars at the bottom show trading activity, with recent volume spikes that may indicate significant buying or selling pressure.
• There is an oscillator (possibly MACD or RSI) below the volume bars, showing red and green areas, which suggests fluctuating momentum. Green areas indicate bullish momentum, while red shows bearish pressure.
6. Projection Lines: Vertical lines on Dec 26, 2024, and April 11, 2025, might mark anticipated future price areas or significant time zones where traders expect changes in trend direction.

Summary

The chart suggests that silver is currently in a corrective phase within a broader upward trend. Traders would watch for support around ₹86,431 and potential upside toward ₹115,040, with Fibonacci levels serving as key interim points for support and resistance. This setup would appeal to both breakout and pullback traders, depending on where the price moves relative to these levels.