From the below chart of Cocud (Daily continuous contract), prices after making a low of 1365 moved up in a corrective mode just as to relieve from the oversold zone. Yesterday it closed below the trend line support (red) and also below the moving average of the Bollinger Band.Prices are expected to resume its downtrend as momentum indicator RSI has also changed its direction. On the downside expect prices to move down till 1450 followed by 1400 levels. The bias is firmly negative.
