Report For Date: 22/01/2018
NCDEX Jeera March Weekly: Correction Is Being Witnessed
NCDEX Jeera: (Price are in INR (Rs)/Quintal)
A correction is being witnessed on C2 chart currently representing March contract.
The rise in C2 chart is from 9800 to 22460.
The 50% and 61.8% retracement level are placed at 16175 and 14677.
Expect the retracement level of 16175 to be tested in near term.
Lower range for the week can be 16300-15595.
Reversal from correction is above 17190 and if higher low and higher high is witnessed during the week.
Resistance is at 17005-17710.
The last major higher bottom for Jeera was at 15860 and correction to retracement level of 16570 or below can be used for accumulation.
RSI indicator is falling and may hit oversold as 50% retracement level of 16175 is tested.
TREND INFORMATION WITH WEEKLY LEVELS
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
-
|
16560.0
|
19129.0
|
DOWN
|
17690.0
|
22.12
|
15595
|
16300
|
16745
|
17005
|
17710
|
.
*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
|
16560.0
|
-2.0
|
9762
|
-27.0
|
9684
|
14.0
|
Negative
|
Addition Short
|
TECHNICAL INDICATORS TABLE
RSI
|
1-ROC-RSI
|
STOCHASTIC
|
1-ROC
STOCHASTIC
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
33.66
|
-4.32
|
1.79
|
-32.82
|
-363.35
|
-75.75
|
24.45
|
-3.45
|
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.