Report for Date: 22/05/2017
MCX Zinc May 2017 Weekly: Cover Short Position
MCX Zinc (Price figures below are in Rs/INR per Kg)
Cover short position at 169.8 or below as the opportunity arises.
Further weakness is below 159.
Contrarian buy situation has emerged.
Addition of long position has been witnessed as open interest increased with the rise and positive candle.
Bandwidth is rising with positive candle.
Indicators like RSI, Stochastic and RS has moved up.
Therefore, weaker opening and correction first to 166.5-162.7 can be used for contrarian buy with a stop loss of 159.
Expect 174-185 to be tested.
TREND INFORMATION WITH WEEKLY LEVELS
|
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
|
Hold Short
|
169.8
|
169.9
|
DOWN
|
168.6
|
13.04
|
151.7
|
162.7
|
166.5
|
173.7
|
184.7
|
*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
|
|
169.8
|
3.8
|
577275008
|
27.3
|
4532
|
30.9
|
Positive
|
Addition Long
|
TECHINCAL INDICATORS TABLE
|
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
|
47.37
|
13.16
|
39.51
|
53.96
|
-0.38
|
-235.64
|
52.63
|
36.59
|
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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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