MCX Commodity Tips and Trading Strategy for June 7th, 2010: Buy MCX Silver
MCX Commodity Tips and Trading Strategy for June 7th, 2010: Buy MCX Silver with SL of 28350 for TGT of 28940.
MCX Silver Contract prices on its 4-Hourly chart has formed Bullish Engulfing formation, a White candlestick formation which engulfs previous day candle completely.
whereas on Daily Chart Prices are forming Harami formation, a Long black candlestick followed by small bullish candle stick next day both these formation are bullish reversal formation.
On indicator front, RSI on 1-Hourly chart is reversing form over sold zone & MACD on 1-Hourly chart has given moving average cross-over which is a bullish indication.
Thus we recommend to Buy Silver with SL of 28350 for TGT of 28940
Contributed By: Deepak Jain CFA, ICFAI, Hyderabad.