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NCDEX Guar seeds10 Feb: A Triangle Is Unfolding

10 Jan 2017 9:58 am
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Report for Date: 10/01/17


NCDEX Guar seeds10 Feb: A Triangle Is Unfolding

The trend is sideways in Guar seed futures on NCDEX.

Feb 2017 futures contract settled at Rs 3318 per quintal Monday.

A triangle is likely unfolding in daily chart.

We suspect that we are in wave “e” of the triangle and once wave “e” gets completed, a sharp rise breaking out above point “d” may be seen in coming sessions.

The elapse time of wave “e” cannot be defines so waiting for the conclusion of wave “e” and the entire triangle is the set way to approach for a fresh trade.

A tentative conclusion points for wave “e” are seen at 3290 – 3260 levels.

Ideally, hold any pending long positions with a stop loss of 3160.

Corrective dips to 3290 – 3260 can be used to take long positions.

On breakout above 3411(“d”), prices may try to escalate towards 3520 – 3630 levels or above in coming sessions.

INTRA-DAY LEVELS FOR NCDEX GUAR SEED FEB 2017 CONTRACT

STRATEGY CLOSE DRV TREND* Trend Price Trend Date L1 L2 CP L3 L4
Hold Long 3318.00 3320.24 SW 3318 9.01 3215 3289 3335 3363 3437


*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 closing stop loss of DRV: Close >DRV. If trend is down, then traders can hold short position with a 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
3318.0 -1.4 33030 29.3 55700 8.9 Negative Addition Short

TECHINCAL INDICATORS TABLE

RSI 1-ROC-RSI Stochastic 1-ROC- Stochastic MACD 1-ROC MACD RS 1-ROC RS
50.23 -9.56 48.62 -12.87 5.69 -11.55 60.56 -18.30



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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