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.