Report for Date: 15/05/2017
MCX Natural Gas May 2017 Weekly: Expect Higher Range To Be Tested
MCX Natural Gas (Price figures below are in Rs/INR per Kg)
Traders long and holding the same can maintain the stop loss of 202.
Expect higher range of 225.7-243.5 to be tested.
Weaker opening and correction first to 214-207 can be used for buying with a stop loss of 202.
The 61.8% retracement of the fall from 264 to 169 is at 228 and the same could be tested in near term.
Bandwidth is falling therefore can get stuck can at higher range of 225.7-228.
TREND INFORMATION WITH WEEKLY LEVELS
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
Hold Long
|
219.70
|
202.53
|
UP
|
200.3
|
24.03
|
190.1
|
207.9
|
214.0
|
225.7
|
243.5
|
*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
|
219.7
|
4.5
|
275928736
|
5.3
|
9662
|
31.9
|
Positive
|
Addition Long
|
TECHINCAL INDICATORS TABLE
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
56.01
|
7.11
|
81.74
|
35.37
|
1.89
|
97.72
|
69.63
|
12.63
|
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.