Report for Date: 15/05/2017
MCX Gold June 2017 Weekly: Exit Long On The Rise
MCX Gold (Price figures below are in Rs/INR per Kg)
Addition of short position has been witnessed as open interest increased with the fall and negative candle which indicates addition of short position.
Bandwidth is falling which suggest that contraction of movement is being witnessed.
Downside could be limited to the lower range.
Exit long and sell on rise from 28005-28184 with a stop loss of 28237.
Support is at 27907.
Further weakness is below 27900.
Sell on fall below 27900 with high of the week as the stop loss or 28237 whichever is higher.
A rise and close above 28237 can bring about a near term pullback.
TREND INFORMATION WITH WEEKLY LEVELS
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
Hold Short
|
28005.0
|
28832.5
|
DOWN
|
28873.0
|
28.04
|
27574
|
27879
|
28058
|
28184
|
28489
|
*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
|
28005.0
|
-0.2
|
42964000
|
2.1
|
6804
|
6.7
|
Negative
|
Addition Short
|
TECHINCAL INDICATORS TABLE
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
41.85
|
-1.22
|
13.62
|
-66.34
|
-161.07
|
-44.36
|
52.25
|
1.22
|
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.