Report for Date: 17/07/2017
MCX Crude Oil July 2017: Lower Range Is To Cover Short Position
(Price figures below are in Rs/INR per Kg)
Cover short position at 2990 or below as the opportunity arises.
Resistance will be at 3059-3247 and the same can be tested.
Traders short and holding the same can maintain the stop loss at 3075.
Pullback rise can be seen above 3075 to test the DRV-3162.
Overall demand zone is at 2820-2631.
Lower range can be 2871-2683.
Lower range can be used to cover short position if the opportunity arises.
As long as 2683 is not violated cover short position or take contrarian long position at 2941-2871 with a stop loss of 2683.
TREND INFORMATION WITH WEEKLY LEVELS
|
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
|
Hold Short
|
2990.0
|
3162.2
|
DOWN
|
3213.0
|
26.05
|
2683
|
2871
|
2941
|
3059
|
3247
|
*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
|
|
2990.0
|
4.4
|
98420400
|
23.7
|
13223
|
-20.2
|
Positive
|
Unwinding
|
TECHINCAL INDICATORS TABLE
|
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
|
44.80
|
12.15
|
49.29
|
86.99
|
-108.34
|
4.55
|
43.06
|
18.27
|
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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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