Report For Week Dated: 20/04/2015
MCX Aluminum Weekly: (Price in INR(Rs)/kg)
Cover short position as strong bullish candle on weekly chart was seen last week.
Traders short can cover the same at 114.35-113.2-110.9 as the opportunity arises.
Expect higher range of 116.7-122.4 to be tested.
Trend for near to short term trend is likely to turn up considering the bullish candle.
Resistance is at 116.7-117.
Further breakout and close above 117 can lead to a near term to short term rally.
A pullback of the fall from 130.15 to 108.8 can emerge if close is above 117. In that case the pullback retracement levels are placed at 119.4 to 122.
WEEKLY TREND INFORMATION WITH WEEKLY LEVELS
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
Cover Short
|
114.35
|
114.84
|
DOWN
|
120.65
|
12.12
|
105.2
|
110.9
|
113.2
|
116.7
|
122.4
|
*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
Last Close
|
Price G/L%
|
Volume
|
% V Inc/Dec
|
Open Interest
|
% OI Inc/Dec
|
Candle
|
Position
|
114.35
|
3.86
|
186740000
|
50.51
|
3317.00
|
-31.35
|
Positive
|
Unwinding
|
TECHINCAL INDICATORS TABLE
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
49.10
|
32.20
|
54.87
|
35.50
|
-1.72
|
13.85
|
31.90
|
41.02
|
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.