Continuous contracting of lead significant fluctuations are seen in the Multi Commodity Exchange (MCX) beginning of 2021.
It rallied until the final week in February, it peaked at ₹181.3. However, the deal began with making a Stern head south. It went back after receiving the support of ₹158 in mid-March. Again ₹181 acted as a barrier and, as a result, future prices are moderate. Nevertheless, considering the price in last month’s move, the deal is moving tight range from ₹170 to ₹173.
The next leg of the trend though it will remain uncertain as long as there is the deal is sideways, there are some symptoms that mark the rough slope. There is a relative strength index slipped below mid-level 50 and moving average the daily chart shows the integration difference find the downward path and is on the verge of entering Rough terrain.
Besides, it indicates the average directional index bears are stronger than they are now Bulls and the price is below 21 days moving average. Even the deal shows negative bias, that is base ₹170 has a base, where 50 DMA compatible. With the above factors, traders can wait now to start new short levels if the contract breaks support for support ₹170. When stopping maybe ₹174, contract ₹164 is likely to decrease May be ₹160.