MCX CPO Mar Short Term Bullish

MCX CPO prices are trading in a primary down trend indicated by lower tops lower bottoms. Prices made low at Rs.413 and rallied back with “doji’ candle stick pattern on weekly chart. Recently prices have taken support near previous low at Rs.420 and now we expect CPO prices to trade higher in short term. Hence we recommend to go long in MCX CPO(Mar) for the target of Rs.473 with the support at Rs.445.

The 14 period RSI is also showing positive divergence indicating bullish trend.

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