Comex Jobing Range

Today`s MCX Free Power Level & Live Chart

(Disclaimer : The above chart shown is for study purpose only and not for trading decision)

Wednesday, December 17, 2014

MCX Lead has breached the trend channel

As one can see from the adjacent chart, MCX lead has violated the trend channel on the one-hour chart, which it was following since the last one month. The negative crossover on the key moving averages and Moving Average Convergence Divergence valued -1.15 indicates bearishness on the counter. The other technical observations are Relative Strength Index valued 14 and Stochastic valued 4 both indicate oversold territory on commodity. On rises (not at current level) till Rs.121.50- Rs.122.50, one can sell for downside target of Rs.119-Rs.118. Trade above Rs.123.60 will negate a bearish view.