NCDEX Coc Weekly May 2018: Further Weakness Is Below 1375 Closing

Report For Date: 16/04/2018

NCDEX COC :( Price in Rs/Quintal)

Traders short and holding the same can maintain the stop loss at 1456.

The last bottom of 1406 is being tested for last 4 weeks.

Inverted Hammer at the low and last bottom suggest that if 1456 is crossed on closing with bullish candle then expect a reversal for near term.

The rise can be first towards the DRV-1550.

On sustained fall and weekly close below 1375 with bearish candle can lead to a slide towards 1280 at least.

Lower range for the week can be 1396-1366.

Recovery and bounce must happen from current level to 1375 or must cross and close above 1453.

Trend is still down therefore resistance will be at 1426-1456.

Chance of near term reversal cannot be ruled out till 1375 is not violated strongly with bearish candle.

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.