Report for Date: 01/05/2017
MCX Silver July 2017 Weekly: Expect Lower Range To Be Tested
MCX Silver (Price figures below are in Rs/INR per Kg)
Exit long and sell on rise from 40063-41193 with a stop loss of 41831.
Resistance will be at 40580-41193.
Expect lower range of 39449-37705 to be tested during the week.
If lower level is attained first and move higher then avoid selling.
Sell on fall and close below 38996 with high of the week as the stop loss or 40063 whichever is higher.
Open interest increased with the fall and negative candle which indicates addition of short position.
Bandwidth increased with the fall and negative candle which suggest that lower levels likely to be attained with volatility.
TREND INFORMATION WITH WEEKLY LEVELS
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
Hold Short
|
40063.00
|
42519.64
|
DOWN
|
41831.0
|
21.04
|
37705
|
39449
|
40580
|
41193
|
42937
|
*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
|
40063.00
|
-4.2
|
663090
|
606.8
|
13876
|
466.6
|
Negative
|
Addition Short
|
TECHINCAL INDICATORS TABLE
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
41.09
|
-13.64
|
41.63
|
-32.54
|
-275.03
|
-128.79
|
39.17
|
-15.42
|
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.