MCX Copper Weekly: Retracement Is In Progress

Report For Week Dated: 15/06/2015

MCX Copper Weekly (Price in INR(Rs)/Kg)

Lower retracement levels has cluster of support.

Traders short can keep the stop loss at 391.30.

Physical traders can look to accumulate at retracement levels of 377 and 368.

The higher bottom swing is at 357.

Overall if 357 is not violated lower levels of 377 and 368 could be good accumulation opportunity in the down trend.

On rise and close above 391.3, rise can resume testing back the high of 421.

Broadly, the wider volatility range is 421 to 332. The lower side bias levels would be for accumulation as the 330 and 420 are proven band since the year 2010.

Excess above 420 is good for distribution and Excess below 380 is good for accumulation for those in business of physical trade.

Futures traders can buy above 392 with low of the week as the stop loss.

Expect lower range for the week to be 375-360.

WEEKLY TREND INFORMATION WITH WEEKLY LEVELS

STRATEGY	CLOSE	DRV	TREND*	Trend Price	Trend Date	L1	L2	CP	L3	L4
Hold Short	380.7	391.1	DOWN	386.7	29.05	360.1	374.6	382.9	389.0	403.5

*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	Strategy
380.7	-0.5	141263008	9.7	16087	7.1	Indecisive	Addition long/Short

TECHNICAL INDICATORS TABLE

RSI	1-ROC-RSI	Stochastic	1-ROC- Stochastic	MACD	1-ROC MACD	RS	1-ROC RS
45.66	-1.74	8.96	-64.77	-0.12	-118.24	34.78	2.17

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.