Report For Date 24/04/2017
MCX Crude Palm Oil Weekly May : Cover Short Position
MCX Crude Palm Oil: (Price are in INR (Rs)/10 kg)
A doji at the demand zone of 493-475 suggest support for near term to short term unless decisive fall below 475 is witnessed.
Bandwidth is rise and the prior movement and trend has been down.
The candlestick suggest a halt to the rise suggest that in near term pullback to DRV can resume.
Cover short position at 489-483 with a stop loss of 475.
Expect higher range of 498-515 to be tested.
TREND INFORMATION WITH WEEKLY LEVELS
|
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
|
Hold Short
|
491.80
|
518.44
|
DOWN
|
549.5
|
17.02
|
467
|
483
|
489
|
498
|
514
|
*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 Inc/Dec
|
Open Interest
|
% OI Inc/Dec
|
Candle
|
Position
|
|
491.80
|
0.3
|
116880000
|
197.3
|
4503
|
1.6
|
Indecisive
|
Unwinding
|
TECHNICAL INDICATORS TABLE
|
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
|
32.14
|
3.08
|
15.14
|
1.97
|
-10.53
|
-19.87
|
23.44
|
43.60
|
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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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