Report For Date: 24/04/2017
NCDEX Dhaniya May Weekly: Lower Range Is To Cover Short Position
NCDEX Dhaniya (Price are in INR (Rs)/Quintal)
Addition of short position has been witnessed as open interest increased with the fall.
Bandwidth decreased which suggest that directional movement can get locked henceforth and sideways movement could develop.
Traders short and holding the same can maintain the stop loss at 7124.
Expect lower range of 6761-6446 to be tested.
The long term demand zone is at 6600-6045.
Fall in the demand zone is to cover short position as long as 6045 is not violated on the downside.
Expect lower range and the demand zone to attract support and buying.
TREND INFORMATION WITH WEEKLY LEVELS
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
Hold Short
|
6894.0
|
7382.9
|
DOWN
|
7087.0
|
13.04
|
6446
|
6761
|
6942
|
7076
|
7391
|
*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 can hold long position with DRV as the closing stop loss and close > DRV. Traders can hold short position with DRV as the closing stop loss and close < DRV.
PRICE, VOLUME AND OPEN INTEREST STRATEGY
LAST CLOSE
|
PRICE G/L%
|
VOLUME
|
% V INC/DEC
|
OPEN INTEREST
|
% OI INC/DEC
|
CANDLE
|
STRATEGY
|
6894.0
|
-2.7
|
19450
|
-26.0
|
53640
|
1737.0
|
Negative
|
Addition Short
|
TECHNICAL INDICATORS TABLE
RSI
|
1-ROC-RSI
|
STOCHASTIC
|
1-ROC-
STOCHASTIC
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
43.44
|
-5.78
|
39.42
|
-40.81
|
-118.93
|
-16.37
|
38.78
|
-9.95
|
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.