MCX Nickel Weekly: Cover Short Position At Lower Range

Report For Week Dated: 29/06/2015

Nickel Weekly (Price figure in INR (Rs)/Per Kg)

Traders short and holding the same can maintain the stop loss at 790.

Cover short position at 762-753 as the opportunity arises.

Expect movement to be between 790 and 710.

Cover short position at lower range.

Stochastic is in oversold zone.

Volumes highest of the recent weeks and recovery from the low of 710 to close at 761.9 has been witnessed which suggest support at lower levels. Therefore, traders need to cover short position first.

Downside momentum can be seen below 710 and till then look to cover short position.

WEEKLY TREND INFORMATION WITH WEEKLY LEVELS

STRATEGY	CLOSE	WRV	TREND*	Trend Price	Trend Date	L1	L2	CP	L3	L4
Hold Short	761.90	878.70	DOWN	878.8	15.05	641.60	719.00	753.50	796.40	873.80

*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	% OI Inc/Dec	Candle	Position
761.9	-3.6	60826752.0	45.6	30322	78.0	Indecisive	Addition long/Short

TECHNICAL INDICATORS TABLE

RSI	1-ROC-RSI	Stochastic	1-ROC- Stochastic	MACD	1-ROC MACD	RS	1-ROC RS
35.62	-7.36	16.43	8.92	-37.64	-8.34	31.64	-16.86

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.