NCDEX Guar gum Weekly : A Cup And Handle Pattern Is Likely To Emerge

NCDEX Guar gum Weekly

Current Relation to Oct 2016 contract : A Cup And Handle Pattern Is Likely To Emerge

Report for Date: 12/09/16

The trend is up in Guar gum futures on NCDEX.

Oct 2016 futures contract settled at Rs 6520 per quintal Friday.

A Bullish cup and handle pattern is likely to emerge in weekly chart of Guar Gum c1 Futures as shown in the below attached chart.

However, the pattern will have it’s implications only after a breakout post handle till then no long positions can be advised.

Those holding long can use stop loss of 6050.

Expect a rise towards 6700 – 6900 levels or above in coming sessions.

INTRA-WEEK LEVELS FOR NCDEX GUAR GUM OCT 2016 CONTRACT

STRATEGY	CLOSE	DRV	TREND*	Trend Price	Trend Date	L1	L2	CP	L3	L4
Hold Long	6520.0	6391.1	UP	6520.0	9.09	6083	6363	6487	6643	6923

*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
6520.0	2.5	68754	-10.7	40593	-2.7	Indecisive	Unwinding

TECHINCAL INDICATORS TABLE

RSI	1-ROC-RSI	Stochastic	1-ROC- Stochastic	MACD	1-ROC MACD	RS	1-ROC RS
53.38	3.48	33.09	23.07	109.54	7.25	61.25	12.37

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.