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MCX Gold June 2017 Weekly: Exit Long On The Rise

15 May 2017 10:39 am
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Report for Date: 15/05/2017

MCX Gold June 2017 Weekly: Exit Long On The Rise

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

Addition of short position has been witnessed as open interest increased with the fall and negative candle which indicates addition of short position.

Bandwidth is falling which suggest that contraction of movement is being witnessed.

Downside could be limited to the lower range.

Exit long and sell on rise from 28005-28184 with a stop loss of 28237.

Support is at 27907.

Further weakness is below 27900.

Sell on fall below 27900 with high of the week as the stop loss or 28237 whichever is higher.

A rise and close above 28237 can bring about a near term pullback.

TREND INFORMATION WITH WEEKLY LEVELS

STRATEGY

CLOSE

DRV

TREND*

Trend

Price

Trend

Date

L1

L2

CP

L3

L4

Hold Short

28005.0

28832.5

DOWN

28873.0

28.04

27574

27879

28058

28184

28489


*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

28005.0

-0.2

42964000

2.1

6804

6.7

Negative

Addition Short


TECHINCAL INDICATORS TABLE

RSI

1-ROC-RSI

Stochastic

1-ROC-

Stochastic

MACD

1-ROC

MACD

RS

1-ROC

RS

41.85

-1.22

13.62

-66.34

-161.07

-44.36

52.25

1.22





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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