NMCE Natural Rubber extend profit taking at 18200-18400 range: Technical analysis

By John Godson
NMCE natural rubber futures witnessed negative trend due to profit taking at higher levels. Steady response from spot markets impacted rubber prices. The commodity breached the strong support at 18300 levels and retreated to 18211 levels.

(Chart Courtesy: Geojitcomtrade)

Profit taking could be continued in today’s trading. The prices may decline below 18000 levels. The commodity will get strong support at these levels. Trend for the day remain negative.

Resistance: 18400, 18450
Support: 18200, 18000

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Turn around levels: 18000-18200-18400

Source: Rubber Country