I follow commodities a bit. And on seeing the recent chart of MCX Silver was curious to see so many consecutive down days. This is how the MCX Silver chart looks like for 2014.
So I went and had a look at the data to do a simple analysis of when in the past have he had as many consecutive down days in silver. That data is represented in the graph below –
This graphs has history since the beginning of trading on the contract from 2004. The current number of consecutive down days is the maximum we’ve ever had for Silver. MCX Silver should see a bounce in next few days, if not, at least some sideways action.