Report For Date: 08/05/2017
NCDEX Turmeric May Weekly: Expect Lower Range To Be Tested
NCDEX Turmeric (Price are in INR (Rs)/Quintal)
Traders short and holding the same can maintain the stop loss at 6132.
Exit long and sell on rise to 5667-5899 with a stop loss of 6132.
Expect lower range of 5234-4571 to be tested.
The last major bottom of 4620 formed in August 2013 will be tested in due course of time.
The demand zone attached with the bottom of 4620 is at 5034-4620 and the same is likely to be tested in due course of time with volatility.
The trend has been down since 22.01.2016 as shown in the table under Trend Date as per weekly chart. Since the closing of 8592 on 22.01.216, the trend is down irrespective of volatility and pullback. Price remains below the DRV on weekly closing basis.
Bandwidth has been rising since March 2017 indicating directional movement on the downside. The result of directional movement has been witnessed.
Lower levels of 5234-4571 can be used to take profits on short position as and when the opportunity arises.
TREND INFORMATION WITH WEEKLY LEVELS
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
Hold Short
|
5468.00
|
6524.28
|
DOWN
|
8592.0
|
22.01
|
4571
|
5235
|
5667
|
5899
|
6563
|
*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 can hold long position with DRV as the closing stop loss and close >DRV. Traders can hold short position with DRV as the closing stop loss and close <DRV.
PRICE, VOLUME AND OPEN INTEREST STRATEGY
LAST CLOSE
|
PRICE G/L%
|
VOLUME
|
% V INC/DEC
|
OPEN INTEREST
|
% OI INC/DEC
|
CANDLE
|
POSITION
|
5468.0
|
-10.8
|
29950
|
319.5
|
11265
|
100.3
|
Negative
|
Addition Short
|
TECHNICAL INDICATORS TABLE
RSI
|
1-ROC-RSI
|
STOCHASTIC
|
1-ROC
STOCHASTIC
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
21.73
|
-29.33
|
18.07
|
-31.00
|
-312.50
|
-21.67
|
16.27
|
-48.33
|
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.