Report for Date: 12/01/2018
MCX Copper February 2017 Weekly: Expect Support To Be Under Pressure
MCX COPPER (Price figures below are in Rs/INR per Kg)
Exit long and sell on rise from 432.9 to 452.6 with a stop loss of 462.20.
Expect lower range of 422.7-392.8 to be tested.
Support can be at 423-417.
A fall and close below 417 will show deeper correction.
Resistance will be at 442-453.
Overall rally will resume on breakout and close above 472 and till then use rise to exit long position.
Lower range of 423-417 can get support if not violated.
TREND INFORMATION WITH WEEKLY LEVELS
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
Hold Long
|
432.90
|
428.47
|
UP
|
373.80
|
23.06
|
392.8
|
422.7
|
442.5
|
452.6
|
482.5
|
*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
|
432.9
|
-4.4
|
238552000
|
33.0
|
15375
|
50.1
|
Negative
|
Addition Short
|
TECHINCAL INDICATORS TABLE
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
48.34
|
-17.43
|
29.07
|
-20.75
|
9.19
|
-18.31
|
27.68
|
-27.43
|
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.