MCX Cotton Bales April 2018: Further Breakout Above 21280 Is Essential

Report For Date: 16/04/2018

MCX Cotton Bales: (Price in Rs/Per Bale)

Expect higher range of 20837-21397 to be tested.

The peak on C1 chart is at 21111 and got chance to 21280 in last few weeks.

Resistance will be at 21030-21280.

Further rally can resume on breakout and close above 21280.

On sustained rise and close above 21280 can set a rise to 24224.

Support will be at 20780-20620-20210.

Overall Cotton prices must remain above 19850 and consolidate to eventually provide the breakout above 21280.

Hold long position and accumulate at 20620-20210 with a stop loss of 19850.

Add further if breakout and close above 21280 is witnessed.


TREND INFORMATION 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.