Report for Date: 20/04/2017
MCX Crude Oil May: Expect Lower Range To Be Tested
The long stop loss of 3400 and sell was triggered.
Sell was triggered below 3400 and the low registered was 3316.
Exit long and sell on rise to 3364-3413 with a stop loss of 3439.
Expect lower range of 3290-3167.
Traders short below 3400 can look to cover short position at 3290-3167.
Trend is down and will remain down till closing is below DRV.
The 61.8% retracement of the rise from 3123 to 3514 is at 3272.
Support could be around 3272-3254.
Lower range of 3290-3167 can be used to cover short position.
TREND INFORMATION WITH INTRA-DAY LEVELS
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
Hold Short
|
3338.00
|
3412.87
|
DOWN
|
3338.0
|
19.04
|
3167
|
3290
|
3364
|
3413
|
3536
|
*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 is lower.
PRICE, VOLUME AND OPEN INTEREST STRATEGY
Last Close
|
Price G/L%
|
Volume
|
V -G/L%
|
Open Interest
|
OI -G/L %
|
Candle
|
Position
|
3338.0
|
-2.9
|
5294500
|
408.2
|
9346
|
154.6
|
Negative
|
Addition Short
|
TECHINCAL INDICATORS TABLE
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
42.47
|
-23.30
|
19.60
|
-54.64
|
1.90
|
-75.76
|
39.92
|
-40.65
|
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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