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Silver intraday trading 29.05.2014

Silver July contract inched 163 rupees down to settle at 40202. Silver headed a fresh intraday low of 40000. Stochastic has reached in oversold territory that is preventing fresh bears to enter aggressively and metal is trading with narrow range. Today price objective for bears would be 40000 any failure of that level would bring 39700-39300 and more down side. Resistance is now seen near 40600 any sustained move above that level would bring 40900-41000 on cards. Key resistance would remain at 41600 to neglect current down trend.

Silver trading range for the day is expected among the key support at 40000 and resistance at 41000.

Recommendation:

·         Today selling silver on jumps around 40800-41000 with stop loss above 41600 for targeting 39800-39400 and more down side might be appropriate in short term.

·         In alternative scenario selling below 40000 with stop loss above 40300 for targeting 39800-39400 and more down side might be appropriate. 

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