ATS Wealth Managers Pvt Ltd. Page 1. ATS Research Desk. Silver Trend for the Month of July. TECHNICAL REPORT. Page 2. AT
ATS Research Desk Silver Trend for the Month of July TECHNICAL REPORT
ATS Wealth Managers Pvt Ltd.
Page 1
SilverMcx Daily chart indicates that thisprecious commodity making Bearish patterns and swings continuously. From the levels of 44250 a gradual sell side position marked its entry and has continued in the market .With every pull back markets has failed to break the previous high (i.e. at the price level of 42176, 40830) and trend continued for new lows (i.e. price levels of 39808, 37707) This trend is likely to continue and the level of 36783 is expected and the same can be seen confirmed with the help of Fibonacci extensions Tool. To verify the trend with the help of Gann fan tool from the highs of 44250 with Gann angels between 50% and 61.8% .Currently silver is trading at the immediate support level of 37700 to 37550 .Once the immediate support of 37550 breaks, we expect the commodity to attain the level of 36780.ADX indicator signaling a cross over between bear and bull swing, with bear swing gaining strength (Redline). MACD indicator on the charts is continuously trading on the negative territory, providing more conviction on the down side. All the above indicators and candlesticks formation gives a “Bearish View” over silver. We expect levels of 36780 (i.e. 61.8% on Fibonacci) and in a long term basis we can get the level of 34280 (i.e. 100%) as per Fibonacci extension tool. Research Analyst: AbhilashDhanpal Technical Research Analyst Disclaimer:This report is only for the information of our customers. Recommendations, opinions or suggestions are given with the understanding that readers acting on this information assume all risks involved. The information provided herein is not to be constructed as an offer to buy or sell securities of any kind. ATS and/or its group companies do not as assume any responsibility or liability resulting from the use of such information.
