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MCX Silver March 2017 Weekly: Cover Short Position

9 Jan 2017 10:39 am
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Report for Date: 9/01/2016


MCX Silver March 2017 Weekly: Cover Short Position

MCX Silver (Price figures below are in Rs/INR per Kg)

Cover short position at 40342 or below as the opportunity arises.

Expect higher range of 41011-42682 to be tested.

The lower top of 41970 is likely to be tested.

A breakout and close above 42000 can mark a reversal for a new rally.

Weakness will continue if fall and close below 38270 is witnessed.

Sideways volatility between 40678 and 38325 can be witnessed if fails to sustain above 40678.

A rise and close above 40678 with bullish candle can also mark a breakout on the falling wedge which can prove to be bullish for near term to short term.


TREND INFORMATION WITH WEEKLY LEVELS

STRATEGY

CLOSE

DRV

TREND*

Trend

Price

Trend

Date

L1

L2

CP

L3

L4

Hold Short

40342.00

41715.39

DOWN

42194.00

11.11

37669

39340

40009

41011

42682


*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.

PRICE, VOLUME AND OPEN INTEREST STRATEGY

Last Close

Price G/L%

Volume

V -G/L%

Open Interest

OI -G/L %

Candle

Position

40342.0

3.3

2104950

32.4

13177

-4.3

Positive

Unwinding


TECHINCAL INDICATORS TABLE

RSI

1-ROC-RSI

Stochastic

1-ROC-

Stochastic

MACD

1-ROC

MACD

RS

1-ROC

RS

46.35

13.54

25.84

98.62

-823.96

-2.00

49.82

75.04






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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