MCX Crude Palm Oil Weekly September: Further Weakness Is Below 583

Report For Date: 20/08/2018

MCX Crude Palm Oil: (Price are in INR (Rs)/10 kg)

Cover short position at 601 or below as the opportunity.

Support will be at 598-594.

Expect higher range of 605-616.

Further weakness is below 583.

Correction will continue below 583.

The 38.2% retracement has been tested which is at 593.70 and the low registered till now in last couple of weeks is 583.

The closing has been above 593.70 for last 2 week therefore likely formation of swing bottom.

Last week, we had a higher low and higher high and stochastic exit the oversold zone after testing the retracement levels.

Therefore, it is possible that near term rise towards DRV-614 or above could be witnessed.


TREND INFORMATION WITH WEEKLY LEVELS

*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

TECHNICAL INDICATORS TABLE

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.