MCX Cotton Bales Weekly: Bullish Only Above 16220

Report For Week Dated: 20/04/2015

MCX Cotton Bales Weekly (Price are in INR (Rs)/Bales)

Traders long and holding the same need to exit the same on rise from 15340 to 16220.

Expect correction and consolidation between 14670 and 16220.

Expect lower range of 15097 or below to be tested before making attempt to move higher.

Further bullish behavior can be seen on breakout and close above 16220, broadly till then take profit or exit long position.

Support cluster can be seen around 14670.

Recovery and bounce can happen from lower range of 15097-14670 for consolidation between 16220 and 14670.

Accumulation can happen at lower range of 15097 or below as long as 14670 level of is not violated on weekly closing.

WEEKLY TREND INFORMATION WITH WEEKLY LEVELS

*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 weekly closing stop loss of DRV: Close >DRV. If trend is down then traders can hold short position with a weekly closing stop loss of DRV: Close <DRV.

PRICE, VOLUME AND OPEN INTEREST STRATEGY

TECHNICAL INDICATORS TABLE

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.