MCX Cotton Bales May: Expect Lower Range To Be Tested
MCX Cotton Bales May: (Price in Rs/Per Bale)
Traders short can hold the same with a stop loss of 16040.
Expect lower range of 15653-15353 to be tested.
The last rally higher bottom was at 15520 and the same is likely to be tested.
Lower range of 15653-15520-15353 can be used to cover short position and take profits.
Trend is down and trend line breakdown has been witnessed which suggest that objective remains to exit long and sell till 16040 is not crossed.
Traders can sell on rise to 15847-15953 with a stop loss of 16040.
Indicators are falling which suggest that downside momentum is still in progress.
However, lower range can be used to take profits on short position.
TREND INFORMATION WITH INTRA-DAY LEVELS
STRATEGY
CLOSE
DRV
TREND*
Trend Price
Trend Date
L1
L2
CP
L3
L4
Hold Short
15760.0
16195.4
DOWN
16170.0
19.05
15353
15653
15847
15953
16253
*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.
PRICE, VOLUME AND OPEN INTEREST STRATEGY
Close
PRICE G/L%
VOLUME
% V INC/DEC
OPEN INTEREST
% OI INC/DEC
CANDLE
POSITION
15760.0
-1.3
46430.0
20.0
4880.0
-12.9
Negative
Unwinding
TECHNICAL INDICATORS TABLE
RSI
1-ROC-RSI
STOCHASTIC
1-ROC-STOCHASTIC
MACD
1-ROCMACD
RS
1-ROCRS
35.73
-11.47
6.53
-33.45
-12.27
-140.61
14.29
-20.51
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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