MCX Nickel Weekly: Further Weakness Is Below 801

Report For Week Dated: 15/06/2015

Nickel Weekly (Price figure in INR (Rs)/Per Kg)

Cover short position at 842.6 or below.

Further weakness is below 801.

Stochastic indicator exit the oversold zone on weekly charts which may held to hold the price and move higher.

The candle last week was inverted hammer which suggest that further rise can happen above 874.

MACD is moving higher but is below the zero line which suggest that volatility in the down trend is likely to be seen.

Traders long can use rise to 849-867-911 to exit long position.

A weekly close above 894 can turn the trend up, if supported by positive bullish candle.

Expect lower range of 823-801 to be tested.

Sell is below 801 with high of the week as the stop loss or exit long till 874 is not crossed.

Pullback resumes on rise and weekly close above 874.

Consolidation between 801 and 874 could be seen in near term to short term.

WEEKLY TREND INFORMATION WITH WEEKLY LEVELS

STRATEGY	CLOSE	WRV	TREND*	Trend Price	Trend Date	L1	L2	CP	L3	L4
Hold Short	842.6	894.4	DOWN	878.8	15.05	780.1	823.9	848.9	867.7	911.5

*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
842.6	0.1	44608504	2.8	11620	-22.4	Indecisive	Unwinding

TECHNICAL INDICATORS TABLE

RSI	1-ROC-RSI	Stochastic	1-ROC- Stochastic	MACD	1-ROC MACD	RS	1-ROC RS
44.09	0.36	22.20	22.69	-32.18	5.53	42.01	4.34

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.