Report For Week Dated: 6/07/2015
MCX Cotton Bales Weekly (Price are in INR (Rs)/Bales)
Swing bottom appears to have been formed on weekly chart as per bias theory.
The trend shown is also up as a result of closing above the DRV.
Addition of long position has been witnessed.
Weaker opening and correction to 16053 or below can be used for accumulation with a stop loss of 15450.
Traders already long and holding the same can keep the stop loss at 15450.
Expect higher range of 16397-16987 to be tested.
The recent peak was at 16890 and the same could be tested.
Extended rally can happen whenever breakout and close above 16890 is witnessed.
For near term, if rise is seen and 16890 is tested then traders can take profits first before thinking of re
-enter again.
Re-entry can happen if weekly close is above 16890 with bullish candle.
Downside momentum can resume below 15400.
The band is 15400 to 16890.
WEEKLY TREND INFORMATION WITH WEEKLY LEVELS
|
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
|
Hold Long
|
16150.0
|
15906.8
|
UP
|
16150.0
|
3.07
|
15217
|
15807
|
16053
|
16397
|
16987
|
*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 weekly closing stop loss of DRV: Close >DRV. If trend is down then traders can hold short position with a weekly closing stop loss of DRV: Close <DRV.
PRICE, VOLUME AND OPEN INTEREST STRATEGY
|
Last Close
|
Price G/L%
|
Volume
|
% V Inc/Dec
|
Open Interest
|
% O Inc/Dec
|
Candle
|
Strategy
|
|
16150.0
|
2.0
|
106500.0
|
-37.8
|
4958
|
116.7
|
Positive
|
Addition Long
|
TECHNICAL INDICATORS TABLE
|
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
|
52.38
|
7.46
|
42.27
|
5.24
|
33.54
|
71.55
|
56.96
|
9.16
|
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.
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