Silver Intraday - MCX - May 16
#Silver Intraday Analysis - Bullish Ascending Triangle
Current Price: Above 87460
Target:
Level 1: 87650
Level 2: 87800
Level 3: 88000
Chart Pattern: Ascending Triangle (Bullish Continuation)
Rationale:
Silver is trading above 87460 within an ascending triangle pattern. This pattern typically indicates a continuation of the uptrend. A breakout above the triangle's resistance (around current price) suggests potential for further upside.
Targets:
The analysis suggests three potential target zones based on the height of the triangle and the current price level.
Stop Loss:
A stop-loss order is placed below the triangle's support at 87260 to limit potential losses if the price breaks down below the pattern.
Risk Management:
Always remember to manage your risk by using stop-loss orders and position sizing appropriately. This analysis is for informational purposes only and should not be considered financial advice.
Current Price: Above 87460
Target:
Level 1: 87650
Level 2: 87800
Level 3: 88000
Chart Pattern: Ascending Triangle (Bullish Continuation)
Rationale:
Silver is trading above 87460 within an ascending triangle pattern. This pattern typically indicates a continuation of the uptrend. A breakout above the triangle's resistance (around current price) suggests potential for further upside.
Targets:
The analysis suggests three potential target zones based on the height of the triangle and the current price level.
Stop Loss:
A stop-loss order is placed below the triangle's support at 87260 to limit potential losses if the price breaks down below the pattern.
Risk Management:
Always remember to manage your risk by using stop-loss orders and position sizing appropriately. This analysis is for informational purposes only and should not be considered financial advice.
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