NCDEX Kapas April 2016: Reversal Confirmation Above 920 Closing
NCDEX Kapas April 2016 in Rs/20Kg
Attempt of reversal from the correction phase is being witnessed.
The correction is being witnessed from the peak of 967 to 890.
The lower top is at 920.
The fall from lower top was from 920 to 890 has taken 5 days.
The rise from 890 to 919 high of Friday has taken 2 days.
A follow up rise and close above 920 with bullish candle can to a reversal from the correction of the rise from 801 to 967.
Cover short position at 918 or below as the opportunity arises.
Weakness will resume on fall and close below 908 with bearish candle.
A rise and close above 920 can lead to a pullback to 939.
Buy above 920 with low of the day stop loss or 908 whichever is lower. TREND INFORMATION WITH INTRA-DAY LEVELS
STRATEGY
CLOSE
DRV
TREND*
Trend Price
Trend Date
L1
L2
CP
L3
L4
Hold Long
918.0
916.6
UP
918.0
26.06
901
911
915
922
932
*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
918.0
0.7
2632.0
-6.4
3032
-5.6
Positive
Unwinding
TECHNICAL INDICATORS TABLE
RSI
1-ROC-RSI
STOCHASTIC
1-ROC-STOCHASTIC
MACD
1-ROCMACD
RS
1-ROCRS
45.72
-3.03
65.05
23.83
-10.12
-1.88
53.57
-9.77
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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