MCX Copper February 2017 Weekly: Resistance Is At Higher Range

Report for Date: 11/12/2017

MCX Copper February 2017 Weekly: Resistance Is At Higher Range

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


Resistance is at 432-442.

Lower range is at 418-394.

Support is at 417.

Deeper correction is on fall and close below 417 with bearish candle.

Correction from 466.35 is being witnessed.

The rally was from 353.85 and up trend resume on 23.06.2017.

Since then trend has been up.

Correction of the rise from 353.85 to 466 is being witnessed.

Trend is up because closing is above the DRV.

Therefore correction within the up trend has been witnessed.

Critical support is at 417 and if recovery has to happen then can be from around 417.

Upside for the time being is locked to 466.35 with resistance of 442-465.

TREND INFORMATION WITH WEEKLY LEVELS

STRATEGY	CLOSE	DRV	TREND*	Trend Price	Trend Date	L1	L2	CP	L3	L4
-	427.8	424.3	UP	373.8	23.06	394.8	418.4	432.5	442.0	465.6

*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
427.8	-3.7	174747008	8.2	12039	22.5	Negative	Addition Short

TECHINCAL INDICATORS TABLE

RSI	1-ROC-RSI	Stochastic	1-ROC- Stochastic	MACD	1-ROC MACD	RS	1-ROC RS
52.40	-14.58	41.58	1.27	13.16	-12.98	37.41	-28.21

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.