NCDEX Kapas April 2018 Weekly: Cover short position

Report For Date: 24/04/2017

NCDEX Kapas April 2018 in Rs/20Kg

Retracement of the rise from 891 to 1062 is being witnessed.

The 61.8% retracement levels is placed at 996.

The low last week was 992.50 and closed at 1030.50 with bullish candle.

Addition of long position has been witnessed as open interest increased with the rise and positive candle.

Further weakness is below 992.50.

Expect higher range of 1051-1100 to be tested.

Contrarian buy situation has emerged as addition of long position has been witnessed.

Weaker opening and correction first to 1022-1002 can be used for buying with a stop loss of 992.

Indicators are moving higher supporting the rise.

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.