MCX Copper: RSI Fails At 50 Mark, Indicate Bearishness
CommodityOnline | Jul 22, 2013 07:15AM ET
MCX Copper price last week was unable to go above its recent high of Rs.426.85 resulting into selling pressure in the commodity. Price, unable to breach above Rs. 426.85 level and facing selling pressure indicates short term resistance for the price has been made and unless price is below that level we can see further correction in price towards Rs. 401. Due to technical error chart has not been updated.
The 14-period RSI has also not been able to move above 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.401 on the downside.
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