REPORT For Date 02/03/2019
NY COT EXCHANGE Cotton No.2 (Price figures in cent/5000lbs):
Traders short and holding the same can maintain the stop loss at 75.17.
Cover short position at 73.23 or below as the opportunity arises.
Expect higher level of 74.57 or above to be tested.
Support will be at 73.23-72.52.
Further weakness is below 71 and till then lower range above 71 can be used to cover short position.
Sell is below 71 with high of the week as the stop loss or 74 whichever is higher.
Resistance will be at 75.17-75.62.
Breakout and close above 75.62 with bullish candle at the end of the week can resume the uptrend.
TREND INFORMATION WITH INTRA-DAY LEVELS
CLOSE
|
WRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
73.85
|
75.62
|
DOWN
|
73.18
|
21.12
|
70.47
|
72.52
|
73.23
|
74.57
|
76.62
|
*Trend will remain Down as long as last close is below the pink color WRV. Trend will be Up as long as Price is above WRV (Weekly Reversal Value). Positional Traders: If trend is up then traders long can hold long position with closing stop loss of WRV: Close >WRV=Up Trend. If trend is down then traders can hold short position with a closing stop loss of WRV: Close <WRV=Down Trend.
TECHNICAL INDICATORS TABLE
RSI
|
1-ROC-RSI
|
STOCHASTIC
|
1-ROC-
STOCHASTIC
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
43.22
|
7.49
|
46.87
|
37.21
|
-1.95
|
6.35
|
53.54
|
18.99
|
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.