Report for Date: 28/4/16
MCX Copper June: Sideways Movement Being Witnessed
MCX COPPER (Price figures below are in Rs/INR per Kg)
Volume increased in June contract has it becomes active on account of April contract expiry.
Trend is down but nature of movement is sideways.
Bandwidth is falling in a downtrend which suggests direction movement currently not being witnessed though a down trend is witnessed.
Yesterday was volume day therefore low registered yesterday can be critical for near term.
Further weakness can resume on fall and close below 366.
Sell on fall below 366 with high of the day stop loss or 369.70.
Resistance is at 371.60-376.
If 366 is not violated then expect near term rise to 371-376 zone.
Expect a pullback to higher range of Copper trades above the open and above 372.
Traders can wait for proper directional trade indication to emerge and movement is flat and sideways. The DRV is horizontal for last few days also suggest sideways movement in progress.
TREND INFORMATION WITH INTRA-DAY LEVELS
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
Hold Short
|
369.70
|
380.19
|
DOWN
|
401.2
|
2.03
|
362.5
|
367.0
|
368.9
|
371.6
|
376.1
|
*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
|
369.7
|
-0.2
|
10009000
|
291.1
|
7133
|
71.0
|
Indecisive
|
Addition long/Short
|
TECHINCAL INDICATORS TABLE
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
40.21
|
-2.08
|
89.06
|
12.34
|
-5.23
|
4.79
|
54.61
|
-6.47
|
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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