Report For Date 24/03/2017
NCDEX Refined Soya Oil April’17: Near Term Rise Above 655 Closing
NCDEX Refined Soya Oil: (Price are in INR (Rs)/10kg)
Cover short position at 652.85 or below.
Expect higher range of 655-662 to be tested.
Support is at 652-643.
Resistance is at 655.
Open interest increased with the rise and positive candle which indicates addition of long position.
Bandwidth increased with the rise and positive candle which suggest near term directional movement is likely if sustain and closes above the resistance along with positive candle.
Traders can buy if Soya Oil prices trades above the open and above 655 with low of the day stop loss or 652 whichever is lower.
The lower top range of 664-665 is likely to be tested.
TREND INFORMATION WITH INTRA-DAY LEVELS
|
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
|
Hold Long
|
652.85
|
650.62
|
UP
|
652.9
|
23.03
|
643
|
649
|
652
|
655
|
662
|
*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
|
|
652.9
|
0.8
|
41120
|
-12.3
|
44900
|
2.0
|
Positive
|
Addition Long
|
TECHNICAL INDICATORS TABLE
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RSI
|
1-ROC-RSI
|
STOCHASTIC
|
1-ROC
STOCHASTIC
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
|
49.76
|
10.69
|
81.46
|
-2.41
|
-5.88
|
15.65
|
47.60
|
-4.09
|
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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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