MCX Crude Palm Oil: Support Being Witnessed At Lower Range

Report For Week Dated: 20/04/2015

MCX Crude Palm Oil (Price are in INR (Rs)/10 kg)

Traders short can keep the stop loss at 456.

Support cluster is at lower range of 433-423.

The cluster of bottoms is at 420.

A sharp breakdown can happen below 420.

The wider band of movement is between 482 and 420.

The current movement is clustered on the lower side of band.

Reversal can resume if breakout and close above 456 is witnessed.

Cover short position at 439-420 range as the opportunity arises as addition of long position has been witnessed.

Open interest on weekly basis increased with the rise and positive candle.

Possibility of near term to short term rally can emerge of breakout and close above 456 is witnessed and the level of 420 is not violated.

As long of 420 is not violated positional trade may be accumulating and wait for the reversal above 456 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.