Report For Date: 16/04/2018
NCDEX Turmeric May Weekly: Contrarian Long Position Possible
NCDEX Turmeric (Price are in INR (Rs)/Quintal)
Cover short position at 6750 or below.
Open interest increased with the rise and positive candle which indicates addition of long position.
Bollinger Band Lower Band has been tested for a bounce with a positive candle.
The 61.8% retracement of the rise from 5300 to 8050 is at 6320 and the low last week was 6394 with a positive candle.
Expect a rise towards DRV-7000 at least and may extend to Bollinger Band Upper Band depending on the speed and momentum post 7000.
Bollinger Upper Band is at 7524.
Stochastic on weekly chart exhibit a positive divergence.
Volume on weekly basis has been higher of the recent times.
Contrary buy situation has emerged therefore weaker opening and correction first to 6648-6496 can be used for accumulation with a stop loss of 6182.
TREND INFORMATION WITH WEEKLY LEVELS
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
-
|
6750.00
|
7000.06
|
DOWN
|
6966.00
|
23.02
|
6090
|
6496
|
6648
|
6902
|
7308
|
*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
|
6750.0
|
3.5
|
23445
|
77.2
|
13605
|
32.0
|
Positive
|
Addition Long
|
TECHNICAL INDICATORS TABLE
RSI
|
1-ROC-RSI
|
STOCHASTIC
|
1-ROC
STOCHASTIC
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
42.74
|
15.78
|
25.26
|
15.74
|
-144.93
|
-3.91
|
43.41
|
50.43
|
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.