MCX Copper April’17: Near Term Rise Is Above 392 Closing
MCX Copper (Price figures below are in Rs/INR per Kg
Exit long on rise from 385.4 or above as the opportunity arises.
Resistance will be at 386.6-389.30.
Lower range for the day can be 382.7-376.
Reversal can be witnessed on rise and close above 392.
Buy on breakout above 392 with low of the day stop loss or 385.
TREND INFORMATION WITH INTRA-DAY LEVELS
STRATEGY
CLOSE
DRV
TREND*
Trend Price
Trend Date
L1
L2
CP
L3
L4
Hold Short
385.4
391.5
DOWN
398.1
2.03
376.0
382.7
386.6
389.3
396.0
*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
385.4
-1.4
29738000
-4.6
12918
-4.9
Negative
Unwinding
TECHINCAL INDICATORS TABLE
RSI
1-ROC-RSI
Stochastic
1-ROC-Stochastic
MACD
1-ROCMACD
RS
1-ROCRS
41.41
-11.39
72.53
-12.20
-3.68
-1.44
36.19
-27.62
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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