MCX Lead August: Exit Long On The Rise

Report for Date:18/08/2017

MCX Lead August: Exit Long On The Rise MCX Lead (Price figures below are in Rs/INR per Kg)


Technical Rating: 50.70- Rating Drops sharply to Moderate Up Trend A sharp rise was seen 2 days back from 150 to 160.55.

Yesterday was correction day from 161.55 to 152.80.

Accumulation range was 157-153. The close was at 153.2 with a bearish candle.

Dark Cloud Cover candlestick pattern was formed which suggest that further rise is above 161.55. On the historical C1 chart, we can see a trading resistance at 154. Event as it reached 175.75 historically it fell on closing to 132 and 131. Lower top resistance is at 165.

Higher range likely to attract resistance, supply and sell till 165 is not crossed on closing with bullish candle at the end of the August 2017. Traders long can maintain the stop loss at 150. Use rise to 155.8-158.9-167.6 to exit long. Re-enter long if close is above 165. Lower range for the day can be 150-141.50.



TREND INFORMATION WITH INTRA-DAY LEVELS

STRATEGY	CLOSE	DRV	TREND*	Trend Price	Trend Date	L1	L2	CP	L3	L4
Hold Long	153.2	150.3	UP	149.4	14.08	141.5	150.2	155.8	158.9	167.6

*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
153.2	-4.3	90320000	-24.0	2093	-15.9	Negative	Unwinding

TECHINCAL INDICATORS TABLE

RSI	1-ROC-RSI	Stochastic	1-ROC- Stochastic	MACD	1-ROC MACD	RS	1-ROC RS
55.99	-22.29	56.91	2.13	1.79	1.51	50.78	-29.58

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.