Natural Rubber (JAN 18 - SHFE) ST: the RSI is overbought (2017/08/22 10:38AM)
Our pivot point stands at 15195.
Our preference: as long as 15195 is support look for 19290.
Alternative scenario: the downside breakout of 15195 would call for 13750 and 12890.
Comment: the RSI is above 70. It could mean either that the price is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and below its signal line. The price could retrace in the short term. The price is trading above both its 20 and 50 day MA (respectively at 15876 and 14210).
Supports and resistances:
21045 **
20170 *
19290 **
18415
16555 last
15760
15195 **
13750 *
12890 **
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