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NCDEX Guar gum Weekly : A Cup And Handle Breakout Seen

26 Sep 2016 11:01 am
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NCDEX Guar gum Weekly


Current Relation to Oct 2016 contract : A Cup And Handle Breakout Seen

Report for Date: 26/09/16

The trend is up in Guar gum futures on NCDEX.

Oct 2016 futures contract settled at Rs 6940 per quintal Friday.

A breakout has been seen in a Bullish cup and handle pattern and the prices are likely to rise further in the projected path marked with yellow dotted lines in the below attached chart.

Corrective dips to 6900 – 6850 can be used for taking fresh long positions.

Use stop loss of 6060 for any long positions.

Expect a rise to 8400 – 9300 levels which is 100% and 138.2% projection respectively.

INTRA-WEEK LEVELS FOR NCDEX GUAR GUM OCT 2016 CONTRACT

STRATEGY CLOSE DRV TREND* Trend Price Trend Date L1 L2 CP L3 L4
Hold Long 6940.0 6785.9 UP 7000 16.09 6300.0 6770.0 7070.0 7240.0 7710.0



*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

Last Close Price G/L% Volume % V Inc/Dec Open Interest % OI Inc/Dec Candle Position
6940.0 -0.9 132854 21.2 35330 -10.2 Indecisive Unwinding

TECHINCAL INDICATORS TABLE

RSI 1-ROC-RSI Stochastic 1-ROC- Stochastic MACD 1-ROC MACD RS 1-ROC RS
57.54 -1.42 72.84 20.83 175.86 17.14 70.25 -0.35



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.

       
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