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Silver Technical Outlook 18.11.2014

Silver December contract inched 403 rupees down to settle at 35629. Today resistance would remain at 36300 any sustained move above that level would bring 36700-37000. Areas of 36700 will remain crucial to watch and stability above 36700 needed to take further bullish stance in this counter. Support is now seen near 35500 any move below this level would bring 35000-34600. Key support would remain at 33900 and 33500 zones.

Silver trading range for the day is expected among the key support at 35500 and resistance at 36300.

Recommendation:

·         Selling silver below 35500 with stop loss above 35800 for targeting 35200-34900-34600 might be appropriate.

·         Buying can be taken on declines around 34600-34400 with stop los below 33900 for targeting 35200-35800 and more upside.

·         In alternative scenario buying above 36300 with stop loss below 3600 for targeting 36600-36900-37300 and more upside. 

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