REPORT For Date 04/06/2018
CZCE Cotton No.1 Sept’18:Expect Higher Range To Be TestedYuan per ton
Hold long position with a stop loss of 16800.
Higher range can be 18515-20025.
Support will be at 17685-17005.
In C1 charts, in January 2015 the lower top was at 17780 and then a fall to 10400 was witnessed in July 2016.
A rise was seen to 17005 in November 2016.
Since then price corrected 14020 in March 2017.
Further contraction of movement was seen since March 2017.
The movement squeezes too many week and months to 14840 April 2018.
A breakout has been witnessed with wild upside movement to cross the resistance and lower top of 17005 and 17780 in last 3 weeks.
The close has been at 17835 in September 2018 contract after attaining a high at 18365.
The indicators like RSI is in overbought zone with value of 81.20 on weekly chart which suggest that upside momentum will continue till reversal is not witnessed.
Support during the week will be at 17685-17005.
Higher range for the week can be 18515-20025.
Higher range can be used to take profits or hold long with a stop loss of 16800.
Rise is sharp therefore correction can happen from higher range or even from current level therefore traders if long can take advantage to capitalize on spike to higher range to take profits or partial profits.
TREND INFORMATION WITH INTRA-DAY LEVELS
|
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
|
-
|
17835.0
|
16092.0
|
UP
|
15405.0
|
20.04
|
15495
|
17005
|
17685
|
18515
|
20025
|
*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
|
LAST CLOSE
|
PRICE G/L%
|
VOLUME
|
% V INC/DEC
|
OPEN INTEREST
|
% OI INC/DEC
|
CANDLE
|
POSITION
|
|
17835.0
|
4.4
|
2285656.0
|
-45.8
|
389286.0
|
2.1
|
Positive
|
Addition Long
|
TECHNICAL INDICATORS TABLE
|
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
|
81.20
|
7.02
|
83.91
|
-1.34
|
308.71
|
77.51
|
90.65
|
6.05
|
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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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