Report for Date: 08/01/2018
MCX Gold February 2018 Weekly:Trend Line Resistance At Higher Level
MCX Gold (Price figures below are in Rs/INR per Kg)
Traders by chance long on own and holding the same can maintain the stop loss at 29000.
Support will be at 29187-29091.
Resistance will be at 29314-29537.
Oscillation around DRV is likely to be witnessed.
Last week candle was narrow with smaller body, a high wave candle which suggest that next directional movement is outside the last week high/low range.
Trend line resistance is at higher level. A breakout and close above 29314 with bullish candle can lead to a rally.
Failure to sustain above 29000 can lead to correction of the last rise from 28055.
TREND INFORMATION WITH WEEKLY LEVELS
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
-
|
29217.0
|
29128.1
|
UP
|
29156
|
29.12
|
28868
|
29091
|
29187
|
29314
|
29537
|
*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
|
29217.0
|
0.2
|
25701000
|
16.1
|
6005
|
-0.3
|
Indecisive
|
Unwinding
|
TECHINCAL INDICATORS TABLE
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
51.31
|
1.38
|
65.36
|
66.61
|
-27.57
|
34.75
|
44.46
|
-11.32
|
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.