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MCX Nickel July 2017 Weekly: Cover Short Position

17 Jul 2017 10:50 am
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Report for Date: 17/07/2017

MCX Nickel July 2017 Weekly: Cover Short Position

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

Cover short position at 612.6 or below as the opportunity arises.

Support will be at 600-585.

Resistance is at 627-622.

Further rise is above 67.30 closing.

Contrarian accumulation can be undertaken at 600-585 as the opportunity arises with a stop loss of 558.

TREND INFORMATION WITH WEEKLY LEVELS

STRATEGY

CLOSE

DRV

TREND*

Trend

Price

Trend

Date

L1

L2

CP

L3

L4

Hold Short

612.6

622.0

DOWN

660.5

10.03

543.7

585.5

600.1

627.3

669.1


*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

612.6

5.5

33547250

12.0

27491

-13.7

Positive

Unwinding


TECHINCAL INDICATORS TABLE

RSI

1-ROC-RSI

Stochastic

1-ROC-

Stochastic

MACD

1-ROC

MACD

RS

1-ROC

RS

47.06

19.24

76.75

25.94

-23.52

11.31

50.73

30.50





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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