Silver INR has been struggling to turn bullish since the end of 2011 after a making a life-time high around 73000. It has since made three attempts to rally up & failed repeatedly.
Most recently the precious metal has attempted to rally, from a small base, in July 2013. This rally began at the break of 44500 which was an important resistance in the previous down-trend. Prices immediately rose vertically towards it's major resistance at 62108, but before hitting the resistance price point Silver lost ground. The commodity quickly retreated and also broke important support at 50200, hence signalling an exit & a failure of the rally. The exit was further confirmed twice again, at the break of 47500 & 45800.
The commodity has since slipped further & is at very weak support levels. Resistance for Silver (inr) are at 45373, 48410 & 59504. All three are strong resistances & major resistance lies at 59504. Support levels are at 40650 & 39365, both these levels are minor support levels & breaching these we will see the commodity slip further lower.
Silver was only able to form a minor base, the last time it attempted to rally, in July 2013. Any new attempt to rally will have to be backed up with a larger & stronger base, which it might make possible if prices hold at the present levels. Moving above & holding 45373 will be critical for this base formation for the commodity & then and only then will it be able to make a genuine effort to rally up towards higher resistances. Else we might see the precious metal slip further lower.
Crude Oil has spent the last 18 months in no man's land, after topping out in early 2012. During the past 6 months the commodity has been showing signs of bottoming out, it has also attempted to start an uptrend at 4947. In the end the trend failed to materialize & dipped to breach an important support at 4925 with a close of 4844 on the 15th of April 2013, it is now on a down trend.The intermediate trend in downwards, so traders can go short on the commodity. The lower supports as of now are 4654 & 4925 (which was previously violated). Resistances - a minor resistance at 5080 & major resistances at 5235 and 5517 for now.
In the long term Crude Oil is still shows signs of bottoming out, but the bottom is so far volatile & on an intermediate down trend. This tells us to be cautious & to stay out of investing in Crude until the trend reverses with a proper base formation or until the breach of an important resistance significantly.