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  • SILVER - Weekly Report



    We started monitoring the bullish Alternative Bat Pattern last week, and despite that the pattern is not ideal because AB Leg is longer that 38.2% correction of XA Leg, the positive harmonic pattern is accepted and achieved the other targets. Stability above 20.55 is very positive and could push the price to touch 21.08 and 21.39, as positivity could extend further towards 21.75 and 22.16. Linear Regression Indicators are positive, MACD and AROON indicators supports the positive extension.

    Only a break below 19.81 fails positivity, but we will depend this week on stabilizing above 20.18 to keep the positive expectations and follow up with achieving the pattern’s targets over short and intraday intervals.

    Support 20.64 20.55 20.18 20.06 19.97
    Resistance 20.90 21.08 21.08 21.75 22.16
    Recommendation
    Based on the above, buy silver above 20.70 targeting 21.08, 21.39 then 21.75 and stop-loss below 20.30 this week

    Note: This is only to define the trend, for more details please visit the Recommendation section


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  • Rabindra Kayastha

    Authorized Person for MEX NEPAL
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  • Pawan Dhakal

    Biratnagar Branch Manager
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