Report For Week Dated: 25/05/2015
MCX Copper Weekly (Price in INR(Rs)/Kg)
Correction of the last rally from 332.8 to 421.4 is being witnessed as a result of the sharp weekly fall of 3.8%.
Retracement levels are placed at 383, 375 and 366.
Expect the DRV of 391.4 to be tested with volatility.
Resistance during the week will be at 402-409.
Exit long on the rise to resistance levels.
Accumulation at the retracement levels can be undertaken as higher bottom could be expected in near term to short term in relation to 332.
Traders can accumulate at 383-375-366 with a stop loss of 357.
Traders can understand the risk and try to accumulate otherwise ignore it.
Broadly till 421.4 is not crossed objective remains to exit long and any rally first is opportunity to exit long and take profits.
WEEKLY TREND INFORMATION WITH WEEKLY LEVELS
|
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
|
Hold Long
|
396.5
|
391.4
|
UP
|
384.0
|
17.04
|
368.8
|
389.1
|
402.0
|
409.4
|
429.7
|
*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
|
Strategy
|
|
396.5
|
-3.8
|
131832000.0
|
-6.2
|
10985.0
|
3.1
|
Negative
|
Addition Short
|
TECHNICAL INDICATORS TABLE
|
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
|
52.69
|
-13.59
|
73.98
|
-17.34
|
2.03
|
11.71
|
34.30
|
-22.46
|
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.
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