Report for Date: 25/08/2016
MCX Copper August: Lower Range Can Be Used To Cover Short Position
MCX COPPER (Price figures below are in Rs/INR per Kg)
Traders short can hold the same with a stop loss of 315.
Exit long and sell on rise to 309-313 with a stop loss of 315.
Expect lower range of 306.4-300.1 to be tested.
Lower range can be used to cover short position.
The last bottom was at 302.80 and the demand zone will be from 307-302.
Lower range can be used to cover short position.
TREND INFORMATION WITH INTRA-DAY LEVELS
STRATEGY
CLOSE
DRV
TREND*
Trend
Price
Trend
Date
L1
L2
CP
L3
L4
Hold Short
308.65
322.75
DOWN
325.7
1.08
300.1
306.4
310.4
312.6
318.9
*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