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Silver Technical Looking weak in short term (24.06.2014)

Silver July contract inched 125 rupees down to settle at 44445. Silver also traded with narrow range and settled with a star candlestick formation. Stochastic is producing overbought reading and preventing fresh bulls to jump in. Today again areas of 44840 would remain crucial to watch and any sustained move above that level would bring 45100-45800 on cards. Support is now seen near 44240 and then at 43980 any sustained move below that level would bring 43300-42900 and more down side.

Silver trading range for the day is expected among the key support at 43980 and resistance at 44850.

Recommendation:

·         Today selling silver around 44500-600 with stop loss above 44850 for targeting 44100-43600 might be appropriate for the day.

·         In alternative scenario buying above 44850 with stop loss below 44600 for targeting 45100-45600-45900 might be appropriate for intraday and short term.

·         In another likely scenario selling below 43980 with stop loss above 44300 for targeting 43600 and more down side might be appropriate. 

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