AHMEDABAD (Commodity Online): Steel long has moved down by 0.1% on NCDEX terminals in the opening due to strong Dollar against Euro and dull export demand.
Dollar Index gained before Non-Farm Employment Change and European market open.
In the opening session Steel long followed previous day's closing trend and made intraday low of 24070, while hit an intraday high at 24290.
Total volume for the day is 3530 lots and open interest is around 63210. Support for Steel long can be seen at 23800 and 23600. Resistance level could be at 24600.
Steel long has fallen from 24880 to 24070 in last 4 days. 14 days RSI for Steel long is at 58 and it's decrease due profit boking.
“Technically, one can short Steel long at 24500 with a stop loss of 24700 and target of 24000,” said Hardik Shah, Sr. Commodity Analyst with Commodity Online.
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