NCDEX Wheat May: Hold Short Positions
Report for Date: 21/04/17
The trend is turned down in Wheat on National Commodity and Derivatives Exchange (NCDEX).
May 2017 futures contract settled at 1650 per quintal Thursday.
Hold short positions with stop loss of 1672.
Cover short position at 1651 or below.
Further weakness is below 1638.
Downside momentum is below 1638.
Traders can sell on fall below 1638 with high of the day stop loss or 1651 whichever is higher.
TREND INFORMATION WITH INTRA-DAY LEVELS
|
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
|
Cover short
|
1650.00
|
1659.67
|
DOWN
|
1665.00
|
7.04
|
1645.00
|
1648.00
|
1649.00
|
1651.00
|
1654.00
|
*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
|
|
1650.0
|
-0.1
|
560
|
-51.7
|
11280
|
0.9
|
Positive
|
Unwinding
|
TECHINCAL INDICATORS TABLE
|
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
|
40.08
|
-1.16
|
31.58
|
87.37
|
-5.83
|
-5.94
|
32.33
|
-23.61
|
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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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