Report for Date: 22/05/2017
MCX Aluminum May 2017 Weekly: Accumulate
MCX Aluminum (Price figures below are in Rs/INR per Kg)
Accumulate at current and on decline to 124.2-122.4 with a stop loss of 120.
Expect higher range of 127.1-131.8 to be tested.
Addition of long position has been witnessed with bullish candle.
Bandwidth is falling therefore higher range can attract resistance.
After buying traders can take profits at higher range as the opportunity arises.
TREND INFORMATION WITH WEEKLY LEVELS
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
Hold Long
|
125.4
|
120.4
|
UP
|
109
|
23.09
|
117.7
|
122.4
|
124.2
|
127.1
|
131.8
|
*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
|
125.4
|
3.4
|
149400000
|
21.1
|
2726
|
57.3
|
Positive
|
Addition Long
|
TECHINCAL INDICATORS TABLE
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
58.78
|
18.08
|
33.70
|
91.30
|
1.90
|
0.11
|
73.21
|
29.92
|
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.