Report for Date: 22/05/2017
MCX Copper June 2017 Weekly: Cover Short Position
MCX COPPER (Price figures below are in Rs/INR per Kg)
Cover short position at 369.6 or below.
Expect higher range of 374.2-387.6 to be tested.
Bandwidth is increased with the rise and positive candle.
Indicators are moving higher therefore traders can take contrarian buy position.
Swing bottom appears to be place as a result of higher high and higher low in relation to its previous week.
Weaker opening and correction first to 365.5-360 can be used for buying with a stop loss of 353.
Sell is below 353 with high of the day stop loss or 370 whichever is higher.
TREND INFORMATION WITH WEEKLY LEVELS
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
Hold Long
|
369.6
|
367.8
|
UP
|
369.6
|
19.05
|
347.4
|
360.8
|
365.5
|
374.2
|
387.6
|
*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
|
369.6
|
2.7
|
155808000
|
26.1
|
15881
|
-4.7
|
Positive
|
Unwinding
|
TECHINCAL INDICATORS TABLE
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
48.97
|
10.77
|
29.20
|
23.11
|
0.34
|
-48.13
|
58.34
|
30.66
|
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.