MCX Cotton Bales April 2019: Contrarian Buy Condition Fulfilled

Report For Date: 18/03/2019


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


The stop loss of 21480 was crossed.

The high registered last week was 21540 and closed at 21470.

Bullish candle has been witnessed along with the breakout above the Standard Error Channel.

Another sustained rise above WRV-21535 with bullish candle can lead to a near term rally towards 22000-22150-22540.

Open Interest increased with the rise and positive candle which indicates addition of long position.

Price closing is below the WRV therefore it is shown as down trend and contrarian buy condition is qualified.

Weaker opening and correction first to 21340-21140 can be used for buying with a stop loss of 20910.

TREND INFORMATION WEEKLY LEVELS

*Trend will remain Down as long as last close is below the pink color WRV. Trend will be Up as long as Price is above WRV (Weekly Reversal Value). Positional Traders: If trend is up then traders long can hold long position with closing stop loss of WRV: Close >WRV=Up Trend. If trend is down then traders can hold short position with a closing stop loss of WRV: Close <WRV=Down Trend.

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.