Report For Date: 21/02/2018
MCX Mentha Oil Feb: Series Of Lower Lows Needs To Be Broken For A Reversal
MCX Mentha Oil (Price are in INR)
The trend is still down.
A series of lower lows has been seen in daily chart up till now.
The prices are in oversold zone as indicated by RSI.
However, a series of lower lows is needs to be broken to form a reversal.
Key support of 1319 has broken.
Expect further decline towards 1250 – 1210 levels in coming sessions.
Ideally, wait for a meaningful pattern to develop to re-enter in the market.
TREND INFORMATION WITH INTRA-DAY LEVELS
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
Hold Short
|
1263
|
1442
|
DOWN
|
1672
|
1.01
|
1213
|
1250
|
1275
|
1288
|
1325
|
*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 -G/L%
|
OPEN INTEREST
|
OI -G/L %
|
CANDLE
|
POSITION
|
1262.9
|
-4.0
|
258480
|
-14.4
|
789
|
-5.4
|
Negative
|
Unwinding
|
TECHNICAL INDICATORS TABLE
RSI
|
1-ROC-RSI
|
STOCHASTIC
|
1-ROC
STOCHASTIC
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
25.5
|
-11.3
|
8
|
-29.5
|
-76
|
-9.8
|
7.92
|
-21.25
|
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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