MCX Copper recently witnessed a sharp sell-off after testing trend-line resistance R1 near Rs.427 level. The price has now declined more than 5% from the recent top. The sharp fall suggests short-term weakness and a fall towards Rs.396 level looks possible.
The 14-period RSI is currently holding below resistance line near the 50 mark, and is pointing lower indicating negative momentum.
It is advisable to go short on MCX Copper for this week for the target of Rs.396 on the downside.