Report for Date: 17/04/2017
MCX Gold June : Expect Higher Range To Be Tested
MCX Gold (Price figures below are in Rs/INR per Kg)
Traders long and holding the same can revise up the stop loss to 29100.
Expect higher range of 29468-29620 to be tested.
Island Reversal gap is at 29485-29551. The gap can offer resistance.
The lower top is at 29825.
Addition of long position was witnessed as open interest increased with the rise and positive candle.
Bandwidth increased with the rise and positive candle.
Weaker opening and correction first to 29373-29316 can be used for buying with a stop loss of 29100.
TREND INFORMATION WITH INTRA-DAY LEVELS
|
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
|
Hold Long
|
29409.00
|
28853.12
|
UP
|
28739.00
|
10.04
|
29164
|
29316
|
29374
|
29468
|
29620
|
*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
|
|
29409.0
|
0.6
|
9277000
|
2.1
|
7592
|
1.7
|
Positive
|
Addition Long
|
TECHINCAL INDICATORS TABLE
|
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
|
63.97
|
6.22
|
93.89
|
30.78
|
67.54
|
108.60
|
68.11
|
5.44
|
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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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