Silver Micro Futures: Bullish Momentum Faces Resistance – What’s
Silver Micro Futures: Bullish Momentum Faces Resistance – What’s Next? 🚀
Silver Micro Futures (MCX) is showing strong bullish momentum, currently trading around ₹95,394, with recent price action challenging a key resistance zone near ₹97,869.
🔎 Candlestick Psychology Breakdown:
Recent Rejection at ₹97,869 📉
The highlighted area shows a sharp rejection after testing this major resistance, forming a bearish rejection wick.
This signals strong selling pressure at higher levels, where buyers failed to sustain momentum.
Current Bullish Attempt 📈
Price is stabilizing above support and attempting another push.
The higher lows indicate continued demand, suggesting a possible breakout if bulls gain strength.
🔥 Key Levels to Watch:
✅ Resistance: ₹97,869 (Breakout Confirmation Level)
✅ Support: ₹94,500 (Holding Above = Bullish)
✅ SMA Support: Mid-term trend remains intact as price stays above the 50-day moving average.
💡 Potential Scenarios:
📊 Bullish Case: A daily close above ₹97,869 could trigger a rally toward ₹100,000+ levels.
📊 Bearish Case: Failure to break resistance might lead to a retest of ₹94,500 before another upward move.
📢 Verdict: The market is at a crucial decision point! Watch for a confirmed breakout or a pullback before making your next trade. 📊🚀
Silver Micro Futures (MCX) is showing strong bullish momentum, currently trading around ₹95,394, with recent price action challenging a key resistance zone near ₹97,869.
🔎 Candlestick Psychology Breakdown:
Recent Rejection at ₹97,869 📉
The highlighted area shows a sharp rejection after testing this major resistance, forming a bearish rejection wick.
This signals strong selling pressure at higher levels, where buyers failed to sustain momentum.
Current Bullish Attempt 📈
Price is stabilizing above support and attempting another push.
The higher lows indicate continued demand, suggesting a possible breakout if bulls gain strength.
🔥 Key Levels to Watch:
✅ Resistance: ₹97,869 (Breakout Confirmation Level)
✅ Support: ₹94,500 (Holding Above = Bullish)
✅ SMA Support: Mid-term trend remains intact as price stays above the 50-day moving average.
💡 Potential Scenarios:
📊 Bullish Case: A daily close above ₹97,869 could trigger a rally toward ₹100,000+ levels.
📊 Bearish Case: Failure to break resistance might lead to a retest of ₹94,500 before another upward move.
📢 Verdict: The market is at a crucial decision point! Watch for a confirmed breakout or a pullback before making your next trade. 📊🚀
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.