MCX Cotton Bales July: Expect Higher Range To Be Tested
MCX Cotton Bales July: (Price in Rs/Per Bale)
A pullback towards DRV has been witnessed.
Resistance will be at 16190-16230.
Cover short position at 16020 or below as the opportunity arises.
Expect higher range of 16230-16560 to be tested.
Addition of long position has been witnessed which suggest that near term rise can be seen with volatility.
TREND INFORMATION WITH INTRA-DAY LEVELS
STRATEGY
CLOSE
DRV
TREND*
Trend Price
Trend Date
L1
L2
CP
L3
L4
Hold Short
16110.0
16191.4
DOWN
16410.0
5.06
15570
15900
16020
16230
16560
*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
16110.0
2.0
61700
67.3
5183
3.9
Positive
Addition Long
TECHNICAL INDICATORS TABLE
RSI
1-ROC-RSI
STOCHASTIC
1-ROC-STOCHASTIC
MACD
1-ROCMACD
RS
1-ROCRS
47.12
35.70
44.06
169.84
-160.56
11.11
63.40
32.51
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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