NCDEX Kapas April 2016: Further Correction Is Below 897 Closing
NCDEX Kapas April 2016 in Rs/20Kg
Traders short can hold the same with a stop loss of 918.
Traders long can keep the stop loss at 897 and use rise to 919-937 to exit long position.
The last swing bottom was at 897 and the 38.2% retracement of the rise from 801 to 967 has been tested.
The 38.2% was at 905 and the low registered in last couple of days was 899.
The close yesterday was at 910.50.
Trend is still down therefore objective remains to exit long on the rise to resistance of 919-937 even if bottom fishing was suggested at 905-897 zone.
Sell is below 897 with high of the day stop loss.
Swing bottom at 899 can be confirmed if closing is above 918 with bullish candle.
TREND INFORMATION WITH INTRA-DAY LEVELS
STRATEGY
CLOSE
DRV
TREND*
Trend Price
Trend Date
L1
L2
CP
L3
L4
Hold Short
910.5
928.4
DOWN
925.0
21.05
883.0
901.0
909.5
919.0
937.0
*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
Last Close
Price G/L%
Volume
% V Inc/Dec
Open Interest
% OI Inc/Dec
Candle
Position
910.5
0.6
1911.0
1.8
2604
-13.0
Positive
Unwinding
TECHNICAL INDICATORS TABLE
RSI
1-ROC-RSI
STOCHASTIC
1-ROC-STOCHASTIC
MACD
1-ROCMACD
RS
1-ROCRS
40.87
8.31
15.66
43.57
-0.86
-235.11
24.84
39.56
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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