Commodities
Tuesday, September 05, 2012
SILVER IN INR
SILVER (INR): (AT VERY CRUCIAL LEVELS):
Silver closed @59719 on 04/09/2012. It has achieved short term target as expected 01/08/2012 earlier .It made high of 60963 on 03/09/2012 recently. In short term is has strong resistance around 61500 levels. Sustian above it will only confrim further short term up ward targets of tgt1-67000 & tgt2-73600 levels. Though short term remains UP till its above 56000. One should watchout silver behaviour at current levels
From medium term percpective, as per wave count it looks like final wave-V of 3 UP started as per chart attached. It has given strong breakout from past 15 months consolidation (i.e-May-2011 to Aug-2012) as per chart attached. Only confirmation that i was anticipating i.e- (Monthly KST) is still in sell but by considering price breakout, medium term Trend is UP for overall equality tgt of 98000-100000 in medium to long term. One should keep SL-53500 for same. Risk reward is very much favourbale to BUY at current levels or any kind of short term correction for medium term percpective .
From medium term percpective, as per wave count it looks like final wave-V of 3 UP started as per chart attached. It has given strong breakout from past 15 months consolidation (i.e-May-2011 to Aug-2012) as per chart attached. Only confirmation that i was anticipating i.e- (Monthly KST) is still in sell but by considering price breakout, medium term Trend is UP for overall equality tgt of 98000-100000 in medium to long term. One should keep SL-53500 for same. Risk reward is very much favourbale to BUY at current levels or any kind of short term correction for medium term percpective .