Silver Intraday - MCX - May 16

#Silver Intraday Analysis - Bullish Ascending Triangle
Current Price: Above 87460

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

Chart Pattern: Ascending Triangle (Bullish Continuation)

Rationale:

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.

Targets:

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.