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Ny Cot Exchange Cotton No.2 March 2017 Weekly: Correction Is In Progress

3 Feb 2018 2:08 pm
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REPORT For Date 05/02/2018

Ny Cot Exchange Cotton No.2 March 2017 Weekly: Correction Is In Progress

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


Last 2 week has been for correction post the top of 84.65.

The lower top is at 83.95 and 2 week back we saw a lower high and lower low on weekly chart for a swing top.

Retracement of the rise from 66.89 to 84.65 is being witnessed.

Retracement levels are placed at 75.78 and 73.63.

Resistance will be at 78.23-79.93.

A rise and close above 80.63 can mark a reversal and end of correction on weekly chart.

Accumulate at retracement levels 75.78 and 73.63 and maintain stop loss at 72.76.

Traders long may use rise to 78.23-79.93-84.03 to exit long position.

Overall must not fall below 61.8% retracement of 73.63.

Resistance may be used to exit long and re-enter long if close is above 80.63.


TREND INFORMATION WITH INTRA-DAY LEVELS

STRATEGY

CLOSE

DRV

TREND*

Trend

Price

Trend

Date

L1

L2

CP

L3

L4

Hold Long

77.54

77.21

UP

71.9

23.1

71.73

75.83

78.23

79.93

84.03


*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

57.73

-12.24

50.57

-28.96

2.75

-6.08

43.62

-21.14



TECHNICAL INDICATORS TABLE

RSI

1-ROC-RSI

Stochastic

1-ROC-

Stochastic

MACD

1-ROC

MACD

RS

1-ROC

RS

65.79

-12.91

71.19

-9.72

2.93

3.38

55.31

-32.46







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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