Report for Date: 04/12/2017
MCX Copper February 2017 Weekly: Expect Higher Range To Be Tested
MCX COPPER (Price figures below are in Rs/INR per Kg)
Resistance will be at 453-466.
Weaker opening and correction first to 432.7 or below can be used for buying with a stop loss of 417.
Deeper correction can be seen below 417 closing.
Near term to short term range of movement can be 466 to 417.
Bandwidth is falling therefore upside could be limited to resistance levels unless sharp spike is witnessed above 466.
TREND INFORMATION WITH WEEKLY LEVELS
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
Hold Long
|
444.3
|
424.2
|
UP
|
373.8
|
23.06
|
411.7
|
432.7
|
442.2
|
453.7
|
474.7
|
*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
|
444.3
|
-1.7
|
161468992
|
11.1
|
9828
|
-1.1
|
Indecisive
|
Unwinding
|
TECHINCAL INDICATORS TABLE
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
66.75
|
6.93
|
33.82
|
-4.98
|
16.15
|
0.54
|
60.05
|
-8.38
|
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.