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MCX Aluminum February 2017: Exit Long On The Rise
24 Feb 2017 7:01 pm
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Report for Date: 24/2/2017 MCX Aluminum February 2017: Exit Long On The Rise
MCX Aluminum (Price figures below are in Rs/INR per Kg)
Exit long on rise from 123.9 or above as the opportunity arises.
Resistance will be at 124.4-125.30.
Expect lower range of 123.1-120.90 to be tested.
Support of 124.65 is violated with bearish candle which suggest to exit long and sell on rise from 123.9 to 125.3 with a stop loss of 126.20.
Expect lower range of 123.1-120.90 to be tested.
TREND INFORMATION WITH INTRA-DAY LEVELS
STRATEGY
CLOSE
DRV
TREND*
Trend
Price
Trend
Date
L1
L2
CP
L3
L4
Hold Short
123.9
124.83
DOWN
123.90
23.02
120.9
123.1
124.4
125.3
127.5
*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.
PRICE, VOLUME AND OPEN INTEREST STRATEGY
Last Close
Price G/L%
Volume
V -G/L%
Open Interest
OI -G/L %
Candle
Position
123.9
-1.7
29875000
13.8
938
-30.8
Negative
Unwinding
TECHINCAL INDICATORS TABLE
RSI
1-ROC-RSI
Stochastic
1-ROC-
Stochastic
MACD
1-ROC
MACD
RS
1-ROC
RS
50.78
-15.31
27.43
-43.43
1.05
-16.14
46.01
-31.06
Note: Red Color Bar= Down Trend, Green Color Bars= Up Trend, Blue Color Bars= Sideways(Trend could be up or down), 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. Blue Color dots above the price are profit booking alerts. Purple dot on the charts are swing top/bottoms could be in place.
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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