NCDEX Dhaanya Index: Near Term Pullback Continues Above 2715
Weakness will be seen below 2650.
Pullback and near term up trend can resume above 2715 closing.
Expect higher range of 2715-2745 to be tested.
Pullback retracement is at 2790.
A breakout and close above 2711 can lead to a rally towards 2790.
Momentary bias appears to be positive to move higher.
MACD and RSI is moving higher which suggest that near term rise is possible unless 2650 is immediately vilolated.
TREND INFORMATION WITH INTRA-DAY LEVELS
STRATEGY
CLOSE
DRV
TREND*
TrendPrice
TrendDate
L1
L2
CP
L3
L4
Hold Short
2705
2710
DOWN
2815
5.06
2656
2686
2696
2715
2745
*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
44.64
8.68
65.99
-3.34
-30.06
9.13
-
-
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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