NCDEX Dhaanya Index: Lower Range Is To Cover Short Position
The recent fall was from 2916 to 2596.
The DRV was almost tested on Friday.
Pullback could be complete unless a sustained rise and close above 2715 is witnessed.
The high registered was 2704 against the DRV of 2715.
Resistance will be at 2686-2715.
Trend is down as closing is below DRV-2715.
Expect in near term consolidation between 2715 and the recent bottom 2596 before moving higher.
Lower range can be used to cover short position in Agri-commodities.
TREND INFORMATION WITH INTRA-DAY LEVELS
STRATEGY
CLOSE
DRV
TREND*
TrendPrice
TrendDate
L1
L2
CP
L3
L4
Hold Short
2683
2715
DOWN
2815
5.06
2631
2666
2685
2702
2737
*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
36.12
2.81
69.34
37.16
-36.33
1.62
-
-
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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