Adjacent chart shows price movement of MCX Natural continuous contract. It was trading in a rising channel. However, it has broken down from the rising channel. In the near term, the swing high of 195.50 will act as resistance. On the way down, it is likely to drift lower towards 185.15 – 182.20. Rise shall be seen as a selling opportunity as long as it is trading below 195.50. The momentum indicator is in bearish mode.
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