Report For Week Dated: 22/06/2015
MCX Copper Weekly (Price in INR(Rs)/Kg)
Traders short can keep the stop loss at 381.
A sharp fall last week was seen of 5.3% with a bearish candle.
Open interest increased with the fall and negative candle which indicates addition of short position.
Indicators are falling which suggest that lower range can be tested with volatility.
Exit long and sell on rise to 366.4-373.1 with a stop loss of 381.
Expect lower range of 353.4-333.7 to be tested.
Monthly Chart View
On the monthly chart, cluster of support is seen in the lower band of 349-330.
Whenever in near term if a fall and close below 330 is witnessed then slide and breakdown will be witnessed. In that case a slide first to 320,300 and 284 will be tested.
Traditional support point are 330, 320 and 284.
At lower range proven historical support are available it depends if current market choose to respect or not.
Therefore, lower range is to cover short position and take profit.
WEEKLY TREND INFORMATION WITH WEEKLY LEVELS
|
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
|
Hold Short
|
360.4
|
389.6
|
DOWN
|
386.7
|
29.05
|
333.7
|
353.4
|
366.1
|
373.1
|
392.8
|
*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
|
|
360.4
|
-5.3
|
160246000.0
|
13.4
|
20576
|
27.9
|
Negative
|
Addition Short
|
TECHNICAL INDICATORS TABLE
|
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
|
37.85
|
-17.09
|
6.45
|
-27.99
|
-2.24
|
-1794.23
|
33.94
|
-2.40
|
Copper Weekly Chart
Copper Monthly Chart
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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