MCX Copper April 2017 Weekly: Expect Lower Range To Be Tested

Report for Date: 17/04/2017

MCX Copper April 2017 Weekly: Expect Lower Range To Be Tested

MCX COPPER (Price figures below are in Rs/INR per Kg)

Bandwidth increased with the fall and negative candle.

Open interest increased with the fall and negative candle which indicates addition of short position.

The retracement levels are placed are 362 and 350.

Expect lower range of 361-347 to be tested.

Reversal can resume on rise and close above 376.

Traders short and holding the same can maintain the stop loss at 376.

TREND INFORMATION WITH WEEKLY LEVELS

STRATEGY	CLOSE	DRV	TREND*	Trend Price	Trend Date	L1	L2	CP	L3	L4
Hold Short	366.2	370.2	DOWN	366.2	13.04	347.9	360.8	368.4	373.7	386.6

*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.

PRICE, VOLUME AND OPEN INTEREST STRATEGY

Last Close	Price G/L%	Volume	V -G/L%	Open Interest	OI -G/L %	Candle	Position
366.2	-2.6	155700000	-16.5	18823	22.3	Negative	Addition Short

TECHINCAL INDICATORS TABLE

RSI	1-ROC-RSI	Stochastic	1-ROC- Stochastic	MACD	1-ROC MACD	RS	1-ROC RS
46.41	-7.43	20.73	-1.22	6.71	-23.97	32.46	-13.99

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.