MCX Silver has been moving in overlapping fashion and has been protecting the low of 39900 on the downside moving in lackluster manner. Silver post making a high near 41100 levels witnessed a sharp selling making a low near 40000 and now prices are moving within range and are failing to show much momentum.
Below is the chart showing how to capture reversal areas using Bollinger bands along with channels and Elliott wave counts published in commodity report on 27th February 2019.
Silver Mar 60 mins chart:
(Following is the gist taken from research published on 27th February, 2019 in “The Commodity Waves Short Term Update”)
As shown on the hourly chart, prices are moving in the form of wave x and are moving in lackluster manner breaking below the pivot low however are failing to sustain near the low. We are showing Bollinger Bands on the chart and prices have been moving precisely within the area of the band. Currently prices are near the lower area of the Band a decisive break below 39900 can take prices towards…. whereas on the upside a break above ……….
In short trend for Silver is range-bound. It is better to wait for the break of pivot levels to initiate fresh positions.
The above analysis clearly shows that just using this Bollinger bands technique coupled with channels one can guess key reversal areas along with enter and exit strategies.
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