NCDEX Wheat Weekly March: Cover Short Position

Report For Date: 12/02/2018

NCDEX Wheat Weekly March: Cover Short Position

NCDEX Wheat (Price are in INR (Rs)/Quintal)

Cover short position at 1698 or below as the opportunity arises.

Further weakness is below 1635.

Resistance will be at 1717-1739.

Breakout is above 1739.

If that happens then expect 1797.

Contrarian buy approach can be adopted on the assumption that 1635 is the swing bottom and 1650 is likely to be higher bottom.

Higher bottom at 1650 will be confirmed once higher low and higher high is seen during the week with bullish candle.

Last week high and low was 1702 and 1650.


TREND INFORMATION WITH INTRA-DAY LEVELS

STRATEGY	CLOSE	DRV	TREND*	Trend Price	Trend Date	L1	L2	CP	L3	L4
-	1698.0	1701.0	DOWN	1694.0	2.02	1613	1665	1683	1717	1769

*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. Positional Traders: If trend is up then traders long can hold long position with closing stop loss of DRV: Close >DRV. If trend is down then traders can hold short position with a closing stop loss of DRV: Close <DRV.

PRICE, VOLUME AND OPEN INTEREST STRATEGY

LAST CLOSE	PRICE G/L%	VOLUME	V -G/L%	OPEN INTEREST	OI -G/L %	CANDLE	POSITION
1698.0	0.2	5190	128.6	3420	52.0	Indecisive	Unwinding

TECHNICAL INDICATORS TABLE

RSI	1-ROC-RSI	STOCHASTIC	1-ROC STOCHASTIC	MACD	1-ROC MACD	RS	1-ROC RS
50.15	1.41	52.51	16.51	3.47	-13.51	35.38	12.90

Note: Red Color Bar= Down Trend, Green Color Bars= Up Trend, Blue Color Bars= Sideways(Trend could be up or down), Pink Color line= DRV, V marked= Increase in Volume in relation to last few days. 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. Blue Color dots above the price are profit booking alerts. Purple dot on the charts are swing top/bottoms could be in place.

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.