MCX Copper June: Further Weakness Is Below 306
MCX COPPER (Price figures below are in Rs/INR per Kg)
Traders short can maintain the stop loss of 314.
Cover short position at 309.4 or below as the opportunity arises.
Sell on fall below 306 with high of the day stop loss or 309.4 whichever is higher.
Reversal can happen on breakout and close above 314 as it is the lower top.
Further confirmation of reversal will happen if close is above DRV-315.80.
Broadly till then use rise to exit long or sell to 311 or above.
TREND INFORMATION WITH INTRA-DAY LEVELS
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
Hold Short
|
309.4
|
315.8
|
DOWN
|
329.3
|
3.05
|
304
|
307
|
309
|
311
|
315
|
*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.
PRICE, VOLUME AND OPEN INTEREST STRATEGY
Last Close
|
Price G/L%
|
Volume
|
V -G/L%
|
Open Interest
|
OI -G/L %
|
Candle
|
Position
|
309.4
|
0.3
|
39563000
|
-7.7
|
31028
|
-3.2
|
Indecisive
|
Unwinding
|
TECHINCAL INDICATORS TABLE
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
35.54
|
5.51
|
43.19
|
-1.98
|
-4.89
|
0.52
|
34.64
|
25.93
|
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.