AHMEDABAD (Commodity Online): NMCE Rubber prices are rising from last week. Technically rubber is in uptrend but prices are expected to correct for time being on the back of profit booking by traders.
Today Rubber opened at 23110 and from there it rose and made high of 23875 touching its resistance and then again it came back down and is trading near 23200. Rubber made shooting star on daily chart and tomorrow trade below today’s low will give confirmation of short term bearish trend for the price targets of 22000 and 21450.
“Technically, Short term traders can sell rubber near 23250 for the price targets of 22000.” said Bharti Navlani, technical analyst with Commodity Online.
Tuesday, March 22, 2011
Bears back in the horizon to haunt Rubber
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