Report for Date: 16/11/2018
MCX Natural Gas November 2018: Exit Long Position
MCX Natural Gas (Price figures below are in Rs/INR per Kg)
A sharp fall after a sharp rise suggest that momentary top.
Exit long on rise from 294-341 as the opportunity arises.
Volatility swing was widest therefore volatility to continue for unwinding and contraction of movement will follow in near term.
Lower range for the day 267 could be tested and can attract support.
Objective is to exit long for near term till 359 is not crossed.
TREND INFORMATION WITH INTRA-DAY LEVELS
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
|
295.70
|
274.40
|
UP
|
241.60
|
31.10
|
192.4
|
267.0
|
312.8
|
341.6
|
416.2
|
*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.
PRICE, VOLUME AND OPEN INTEREST STRATEGY
|
Last Close
|
Price G/L%
|
Volume
|
V -G/L%
|
Open Interest
|
OI -G/L %
|
Candle
|
Position
|
|
295.7
|
-15.0
|
249610000
|
-23.6
|
3043
|
-45.8
|
Negative
|
Unwinding
|
TECHINCAL INDICATORS TABLE
|
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
|
61.65
|
-30.74
|
70.28
|
-21.47
|
16.63
|
2.79
|
56.78
|
-36.24
|
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Note: UP Green= Shows Up Trend as Close > DRV (Pink Line), DN Red= Shows Down Trend as Close < DRV(Pink Line), Red Color Bar= Down Trend + Bandwidth Is Rising, Green Color Bars= Up Trend + Bandwidth Is Rising, Blue Color Bars= Sideways(Trend could be up or down + Bandwidth is falling), Pink Color line= DRV, V marked= Increase in Volume in relation to last few days. 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. Bandwidth Indicator= Helps to determine directional speed in the direction of the trend. Falling Bandwidth would indicates loss of momentum being witnessed or likely to be witnessed. Sideways movement may emerge or upside or downside could be locked until Bandwidth does not turn up. Rising Bandwidth can bring about directional momentum.
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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