Report For Week Dated: 8/06/2015
MCX Copper Weekly (Price in INR(Rs)/Kg)
Retracement levels are placed at 383, 375 and 366.
Expect lower range of 377.6-366.7 to be tested.
Support and recovery from retracement can be witnessed.
Therefore, traders can do bottom fishing.
Bottom fishing can be undertaken which is against the trend as support from higher bottom area of 368 can be witnessed.
Lower range of 377-368 or below can be used for accumulation with a stop loss of 366.
Use rise to 388 or above to exit long.
Support cluster is at the retracement levels of 375 and 366.
Retracement levels to be tested unless 390 is crossed on closing immediately and sustains above it for the full week.
Oscillation around DRV can happen.
DRV is flat and horizontal suggesting sideways movement.
Traders short and holding the same can keep the stop loss at 390.
WEEKLY TREND INFORMATION WITH WEEKLY LEVELS
|
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
|
Hold Short
|
382.6
|
391.2
|
DOWN
|
386.7
|
29.05
|
366.7
|
377.6
|
383.4
|
388.4
|
399.3
|
*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
|
|
386.7
|
-2.5
|
116798000.0
|
-11.4
|
14216
|
29.4
|
Negative
|
Addition Short
|
TECHNICAL INDICATORS TABLE
|
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
|
46.47
|
-3.65
|
25.44
|
-50.47
|
0.65
|
-54.91
|
34.04
|
10.01
|
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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