Report For Date: 16/04/2018
MCX Crude Palm Oil Weekly April: Exit Long On The Rise
MCX Crude Palm Oil: (Price are in INR (Rs)/10 kg)
Exit long on rise from 644.9 or above as the opportunity arises.
Evening Doji Star candlestick pattern has been formed which suggest that near term correction or sideways volatility can be witnessed.
RSI an Stochastic are trying to exit the overbought zone.
MACD dip a bit suggesting the possible near term correction.
Expect correction towards DRV-622.7 in near term with volatility.
Resistance will be at 659-654-660.
Further rise can continue on rise and close above 660.
TREND INFORMATION WITH WEEKLY LEVELS
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
-
|
644.9
|
622.7
|
UP
|
500.3
|
11.08
|
623.8
|
639.2
|
649.0
|
654.6
|
670.0
|
*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
|
640.3
|
-2.2
|
49590000
|
-32.5
|
4598
|
-8.8
|
Negative
|
Unwinding
|
TECHNICAL INDICATORS TABLE
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
69.75
|
-10.66
|
80.65
|
-13.64
|
26.77
|
-0.55
|
70.15
|
-11.52
|
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.