MCX Copper price last week was unable to go above its recent high of Rs.426.85 resulting into selling pressure in the commodity. The price, unable to breach above Rs.426.85 level and facing selling pressure indicates short term resistance. As long as the price is below trendline resistances R and R1, we can see further correction towards major short-term support at Rs.393 level.
The 14-period RSI has also been holding below the 50 mark indicating bearish momentum for the price.
Hence, it is advisable to go short on MCX Copper for this week for the target of Rs.393 on the downside.