Report For Week Dated: 25/05/2015
MCX Lead Weekly (Price figures in INR(Rs)/kg
Retracement of the rise from 105.8 to 138.4 is being witnessed.
Retracement levels are placed at 126-122-118.
The low registered till now is 121.8.
Further correction can continue if trades below the open of the week and below 121.8.
Lower range for the week can be 121-116.
Expect lower range to be tested before making attempt to move higher.
Last week’s high was 126.8 and further rise and close above 126.8 can lead to a pullback rally to begin.
Recovery and bounce form the retracement of 122 or 118 can be alert indication for possible reversal for extreme near term pullback. Confirmation of the same can happen if close is above 126.8 on weekly chart.
First weekly chart indication if swing bottom happen as per bias theory, low of the week greater than previous week and high is greater than previous week.
WEEKLY TREND INFORMATION WITH WEEKLY LEVELS
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
Hold Short
|
123.1
|
123.3
|
DOWN
|
123.1
|
22.05
|
116.0
|
121.0
|
123.9
|
126.0
|
131.0
|
*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
|
123.1
|
-1.7
|
319814976.0
|
-14.2
|
2054.0
|
-18.4
|
Negative
|
Unwinding
|
TECHNICAL INDICATORS TABLE
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
51.23
|
-4.87
|
33.27
|
-48.53
|
1.56
|
-10.30
|
30.21
|
-13.45
|
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.