Silver
Commodity View:
Silver an Industrial metal has been moving in a rising triangle formation. The pattern is being visible on 4hours chart. The triangle formation started when the prices started falling after making a high of Rs. 59751, 4 months back on 26th May 2011. Prices fell sharply to the contract low of Rs.50, 782 on 1st July 2011. Prices have been moving in the rising triangle formation for the last 4 months. The triangle is of roughly 4500-4700 points. Finally it gave breakout at Rs. 62,900 and rose sharply till Rs.64, 500. The breakout was supported by good volumes. The prices re-tested the level of Rs.62, 900.
Silver an Industrial metal has been moving in a rising triangle formation. The pattern is being visible on 4hours chart. The triangle formation started when the prices started falling after making a high of Rs. 59751, 4 months back on 26th May 2011. Prices fell sharply to the contract low of Rs.50, 782 on 1st July 2011. Prices have been moving in the rising triangle formation for the last 4 months. The triangle is of roughly 4500-4700 points. Finally it gave breakout at Rs. 62,900 and rose sharply till Rs.64, 500. The breakout was supported by good volumes. The prices re-tested the level of Rs.62, 900. The breakout is also supported by positive moving average convergence divergence (MACD). The prices are even trading above exponential moving averages (EMA) of 10 days, 21 days and 50 days..
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