Report For Week Dated: 31/08/2015
MCX Crude Oil Weekly (Price INR(Rs)/Barrel)
A strong bull candle has been witnessed which suggest that reversal and momentary pause to the fall.
Further weakness can be seen below 2577 and till then cover short position.
Expect higher range of 3175-3644 to be tested.
Support will be at 2876-2706.
Contrarian long position can be undertaken on dip to 2876-2706 as the opportunity arises.
WEEKLY TREND INFORMATION WITH WEEKLY LEVELS
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
Hold Short
|
3005.0
|
3150.4
|
DOWN
|
3520.0
|
3.07
|
2237
|
2706
|
2876
|
3175
|
3644
|
*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. Positional Traders: If trend is up then traders long can hold long position with weekly closing stop loss of DRV: Close >DRV. If trend is down then traders can hold short position with a weekly closing stop loss of DRV: Close <DRV.
PRICE, VOLUME AND OPEN INTEREST STRATEGY
Last Close
|
Price G/L%
|
Volume
|
% V Inc/Dec
|
Open Interest
|
% OI Inc/Dec
|
Candle
|
Position
|
3005.0
|
12.0
|
128835696
|
62.6
|
18975
|
-49.3
|
Positive
|
Unwinding
|
TECHNICAL INDICATORS TABLE
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
39.21
|
45.19
|
27.45
|
429.81
|
-228.05
|
2.45
|
38.90
|
170.78
|
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.