Report for Date: 21/11/2016
(Price figures below are in Rs/INR per Kg)
Traders short and holding the same can maintain the stop loss at 2950.
Cover short position at 3143 or below as the opportunity arises.
Addition of long position has been witnessed as open interest increased with the rise and positive candle.
Volume increased over its previous weeks.
Weaker opening and correction first to 3102-2991 can be used for buying with a stop loss of 2950.
Expect higher range of 3255-3519 to be tested.
Overall major rally can resume on breakout and close above 3498.
The supply zone on weekly chart is at 3351-3498.
Supply zone can be used to take profits on long position.
TREND INFORMATION WITH WEEKLY LEVELS
|
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
|
Hold Long
|
3143.00
|
3100.41
|
UP
|
3143.0
|
18.11
|
2727
|
2991
|
3102
|
3255
|
3519
|
*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 is lower.
PRICE, VOLUME AND OPEN INTEREST STRATEGY
|
Last Close
|
Price G/L%
|
Volume
|
V -G/L%
|
Open Interest
|
OI -G/L %
|
Candle
|
Position
|
|
3143.0
|
4.1
|
10908200
|
129.9
|
9699
|
178.9
|
Positive
|
Addition Long
|
TECHINCAL INDICATORS TABLE
|
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
|
50.69
|
7.99
|
17.23
|
-31.29
|
41.97
|
-11.95
|
45.06
|
3.18
|
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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