MCX Crude Palm Oil Weekly October: Further Rise Is Above 579 Closing

Report For Date 26/09/2016

MCX Crude Palm Oil Weekly October: Further Rise Is Above 579 Closing

MCX Crude Palm Oil: (Price are in INR (Rs)/10 kg)

Traders long and holding the same can revise up the stop loss to 536.

Resistance will be at 563 to 579.

Further rally can be seen above 579 as profit booking pressure was witnessed as it tried to provide the breakout above the earlier peak of 578.

Further rise is above 579. Traders can buy above 579 or exit long if any to 579.

Correction to 546 or below can be used for buying with a stop loss of 536.

A fall and close below 536 can mark a major reversal as per Dow Theory of the rally from 360 to 579.

Therefore, profit booking is the first objective before any new trades.

TREND INFORMATION WITH WEEKLY LEVELS

*Trend will remain Down as long as last close is below the pink color DRV. Trend will be Up as long as Price is above DRV. Positional Traders: If trend is up then traders long can hold long position with closing stop loss of DRV: Close >DRV. If trend is down then traders can hold short position with a closing stop loss of DRV: Close <DRV.

PRICE, VOLUME AND OPEN INTEREST STRATEGY

TECHNICAL INDICATORS TABLE

Disclaimer: There is risk of loss in trading in derivatives and the report is not to be construed as investment advice. The information provided in this report is intended solely for informative purposes. The author, directors and other employees of CC Commodity Info Services cannot be held responsible for the accuracy of the information presented herein or for the results of the positions taken based on the opinions expressed above.