Retracement resumes of the rally from 2381 to 2916.
The 38.2%, 50% and 61.8% retracement are placed at 2711, 2647 and 2514.
The low registered in last couple of days is 2596 which is very near to 2514.
Further weakness is agri-commodity prices can be seen below 2514.
Short cover needs to be under taken till the support and 61.8% is not violated.
The 61.8% is at 2515.
Expect higher range of 2669-2722 to be tested which means recovery for agri-commodity price in near term can be expected.
Correction could be ending if sustained close above 2669 is witnessed with bullish candle.
TREND INFORMATION WITH INTRA-DAY LEVELS
STRATEGY
CLOSE
DRV
TREND*
TrendPrice
TrendDate
L1
L2
CP
L3
L4
Hold Short
2646
2730
DOWN
2815
5.06
2564
2616
2639
2669
2722
*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.
TECHNICAL INDICATORS TABLE
RSI
1-ROC-RSI
Stochastic
1-ROC-Stochastic
MACD
1-ROCMACD
RS
1-ROCRS
26.30
7.02
20.98
33.23
-35.33
-15.26
-
-
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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