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Ny Cot Exchange Cotton No.2 March 2017 Weekly: Higher Range To Be Tested

30 Dec 2017 1:42 pm
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REPORT For Date 01/01/2018

Ny Cot Exchange Cotton No.2 March 2017 Weekly: Higher Range To Be Tested


NY COT EXCHANGE Cotton No.2 (Price figures in cent/5000lbs):


Expect higher range of 79.66-81.94 to be tested.

On weekly chart, we have observed a higher low and higher high every week last 8 week.

Therefore, a fall and close below previous week’s low of 77.17 may halt the rise for minor correction or sideways movement.

Trend is up as bandwidth is still rising along with the trend.

RSI hits the overbought zone of +70.

Stochastic is already in overbought zone.

MACD is rising.

Volume has decreased in last 2 weeks and is lower than previous week’s volume.

Violated of previous week low may halt the rise therefore traders long and holding the same can maintain the stop loss at 77.

Higher range of 79.66-81.94 may witnessed profit booking.

TREND INFORMATION WITH INTRA-DAY LEVELS

STRATEGY

CLOSE

DRV

TREND*

Trend

Price

Trend

Date

L1

L2

CP

L3

L4

-

78.63

73.57

UP

71.9

23.11

75.10

77.38

78.42

79.66

81.94


*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

Close

PRICE G/L%

VOLUME

% V INC/DEC

OPEN INTEREST

% OI INC/DEC

CANDLE

POSITION

78.6

1.0

52433

-29.1

-

-

Positive

-



TECHNICAL INDICATORS TABLE

RSI

1-ROC-RSI

Stochastic

1-ROC-

Stochastic

MACD

1-ROC

MACD

RS

1-ROC

RS

68.86

5.08

93.09

1.08

1.36

44.57

77.59

0.04






Note: UP Green= Shows Up Trend as Close > DRV (Pink Line), DN Red= Shows Down Trend as Close < DRV(Pink Line), Red Color Bar= Down Trend + Bandwidth Is Rising, Green Color Bars= Up Trend + Bandwidth Is Rising, Blue Color Bars= Sideways(Trend could be up or down + Bandwidth is falling), Pink Color line= DRV, V marked= Increase in Volume in relation to last few days. 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. Bandwidth Indicator= Helps to determine directional speed in the direction of the trend. Falling Bandwidth would indicates loss of momentum being witnessed or likely to be witnessed. Sideways movement may emerge or upside or downside could be locked until Bandwidth does not turn up. Rising Bandwidth can bring about directional momentum.

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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