Report for Date: 19/12/2016
MCX Silver March Weekly: Further Weakness Is Below 39100
MCX Silver (Price figures below are in Rs/INR per Kg)
The 61.8% retracement is at 39079 and the demand zone attached to it is 39291-38270.
The low registered last week was 39120 and recovered to close at 39694.
Further weakness and downside momentum can be seen below 39100.
Resistance will be at 40261-41403-42000.
Exit long and sell on rise to 40261-41403 with a stop loss of 42000.
Reversal will be witnessed on breakout and close above 42000.
Lower range for the week can be 38553-35703.
TREND INFORMATION WITH WEEKLY LEVELS
|
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
|
Hold Short
|
39694.00
|
42320.81
|
DOWN
|
42194.0
|
11.11
|
35703
|
38553
|
40261
|
41403
|
44253
|
*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.
PRICE, VOLUME AND OPEN INTEREST STRATEGY
|
Last Close
|
Price G/L%
|
Volume
|
V -G/L%
|
Open Interest
|
OI -G/L %
|
Candle
|
Position
|
|
39694.0
|
-3.7
|
2635680
|
36.4
|
14069
|
8.9
|
Negative
|
Addition Short
|
TECHINCAL INDICATORS TABLE
|
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
|
40.06
|
-10.94
|
26.80
|
13.96
|
-415.63
|
-72.89
|
32.47
|
-16.79
|
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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.
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