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MCX Crude Oil May 2017 : Weakness can continue below 2948

15 May 2017 10:36 am
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Report for Date: 15/05/2017

MCX Crude Oil May 2017 : Weakness can continue below 2948

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

Traders short and holding the same can maintain the stop loss at 3174.

Harami candle has been formed on the week chart which suggests that near term pullback to 3148-3482 can be witnessed.

Weakness can resume below 2948.

Near term pullback towards DRV cannot be ruled out of 2948 is immediate not violated.

DRV is at 3273.

Overall support and demand zone is at 2820-2631.

TREND INFORMATION WITH WEEKLY LEVELS

STRATEGY

CLOSE

DRV

TREND*

Trend

Price

Trend

Date

L1

L2

CP

L3

L4

Hold Short

2969.00

3273.08

DOWN

3208.0

21.04

2480

2814

2994

3148

3482


*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

2969.0

-6.5

85855200

20.3

18932

20.3

Negative

Addition Short

TECHINCAL INDICATORS TABLE

RSI

1-ROC-RSI

Stochastic

1-ROC-

Stochastic

MACD

1-ROC

MACD

RS

1-ROC

RS

36.94

-14.48

24.95

-47.58

-35.18

-316.84

30.46

-23.84




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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