MCX Copper: Sell Strategy As RSI Turns Negative

Published 03/25/2013, 06:29 AM
Updated 05/14/2017, 06:45 AM
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MCX Copper closed last week with about a 1% loss, despite the price pulling back smartly from four month lows near Rs.412 level. The pullback rally is likely to extend in the current week towards immediate resistance at Rs.424-425 level range. However, this could be used as a selling opportunity targeting a new short-term low at Rs.411 level. The medium-term trend remains bearish below major resistance at Rs.432 level.

The 14-period RSI is close to the resistance line, well below the 50 mark indicating neutral/negative price momentum in the short-term.

It is advisable to sell MCX Copper on rallies towards Rs.424-425 levels for the short-term target of Rs.411 level.
MCX Copper

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