REPORT For Date 17/09/2018
NY COT EXCHANGE Cotton No.2 (Price figures in cent/5000lbs):
Resistance will be at 83.39-84.30.
Lower support range can be 80.7-78.23.
Sideways movements for last 4 week have been witnessed between 84.30 and 81.
Exit long or sell with a stop loss of 84.30. Alternatively, wait for breakout above 84.3 to trade long.
Downside momentum is below 80.60. Sell can be below 80.6 with high of the week as the stop loss or 81.83.
TREND INFORMATION WITH INTRA-DAY LEVELS
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
|
81.83
|
81.48
|
UP
|
N/A
|
N/A
|
78.23
|
80.81
|
82.37
|
83.39
|
85.97
|
*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.
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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