March silver futures prices closed nearer the session low again Wednesday. Silver bears have the solid overall near-term technical advantage. Silver bulls next upside price breakout objective is closing prices above solid technical resistance at the December high of $20.48 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at last weeks low of $18.72. First resistance is seen at Wednesdays high of $19.865 and then at $20.00. Next support is seen at Wednesdays low of $19.31 and then at $19.10.
Silver March contract inched 657 rupees down to settle at 43869. Silver traded with negative note and headed towards key support of 43600 but could not break and hold below that level. Today eyes will remain at 43600 any failure below that level would bring 43200-42800-42400 and more down side on cards. Resistance is now seen near 44500 and then at 44800 any sustained move above 44500 would bring some charm in this commodity and then rally towards 44800-45000 cant be ruled out. Key resistance would remain at 45900 and closing above that level would bring 47800 and more upside.
Trading range for the day is expected among the key support at 42000 and resistance at 51000.
Â· Today buying silver above 44500 with stop loss below 44000 for targeting 44900-45200 and more upside might be appropriate.
Â· In alternative scenario selling can be taken below 43600 with stop loss above 44000 for targeting 43100-42800 and more down side might be appropriate.
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