Technical Talk: MCX Copper Caught In Broad Range Of 825-810

23 Mar 2022 , 08:56 AM

MCX Gold is witnessing sustained selling but the Bollinger Bands on four hourly charts are capping the movement on either direction. The counter tested upper band on four hourly chart around Rs 52000 per 10 grams and turned lower and tested lower band at Rs 51150 per 10 grams. On the daily charts, the session marked a proper bearish candle and further losses are likely as even the 20 day EMA has rejected the prices for two consecutive sessions now.

MCX Copper is caught in a broad range of Rs 825-810 per kg on four hourly charts and a break on either side is needed to bring in further clarity to the direction. On the hourly charts, the 20 days SMA placed around Rs 815 mark is likely to be a key focal point from intraday point of view.

MCX Crude oil approached around 8700 per barrel mark in last session before giving up and closed at Rs 8370 per barrel, up around half a percent on the day. The RSI is on a rising trajectory on daily charts and is currently placed at 58 mark, indicating further upmove is possible.

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