Report For Week Dated: 15/06/2015
MCX Lead Weekly (Price figures in INR(Rs)/kg
Retracement is being witnessed of the rise from 106.8 to 139.
The 50% and 61.8% retracement are placed at 122.9 and 119.
The low registered last week is 117.55.
The close was at 119.30.
The 61.8% retracement was tested and closed at 119.30.
Further weakness and downside momentum can be seen on fall and close below 119.
Traders short and holding the same can keep the stop loss at 125.50.
Stochastic has fallen to oversold zone and may create an intra-week bounce to resistance of 120.8-124.
MACD and RSI is falling which means that sustainability at higher range could be an issue unless sharp rise and close above 125.50 is witnessed.
Addition of short position has been witnessed which indicates that sell is at last close of 119.3 to 124 with a stop loss of 125.50.
Expect lower range for the week to be tested which is at 116.1-108.20.
WEEKLY TREND INFORMATION WITH WEEKLY LEVELS
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
Hold Short
|
119.3
|
123.2
|
DOWN
|
122.1
|
5.06
|
108.2
|
116.1
|
120.8
|
124.0
|
131.9
|
*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
|
119.3
|
-2.3
|
364934976
|
22.9
|
3390
|
54.4
|
Negative
|
Addition Short
|
TECHNICAL INDICATORS TABLE
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
46.43
|
-6.61
|
10.49
|
10.19
|
0.87
|
-32.62
|
32.01
|
-9.29
|
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.