MCX Silver July futures technical chart has taken the formation of a "Falling channel" pattern in the daily time frame. There have been a few sideways sessions along with slight corrections within the channel, where the last one has traded lower and closed in the red. The current market is expected to continue on a bearish trend based on the current price action, once breaks below the key support level holding near 60200. The downside rally could be extending all the way up to 59600-59000 levels in the upcoming sessions. An alternative scenario indicates that if the market struggles to break the support level, then it might retest the same and revise the trend to bullish/sideways mode once again. Key resistance holds near 61000. A slide to 61600-62200 is also a possibility if the price makes or breaks above the current resistance level.
Research Report Call:
Sell below 60200 target 59600-59000 stop loss Trailing; If break above 61000 then Buy, target 61600-62200 stop loss Trailing