MCX Cotton Bales October: Further Weakness Is Below 16000
MCX Cotton Bales October: (Price in Rs/Per Bale)
Traders short and holding the same can revise down the stop loss to 16350.
Cover short position at 16150 or below.
Weakness can continue below 16000.
Stochastic exit the oversold zone and indecisive doji has been formed after a slide which suggest that further weakness is below 16000.
Near term rise to 16287-16567 can happen.
Sell is below 16000 with high of the day stop loss or 16150.
Alternatively, cover short position till 16000 is not violated.
TREND INFORMATION WITH INTRA-DAY LEVELS
STRATEGY
CLOSE
DRV
TREND*
Trend Price
Trend Date
L1
L2
CP
L3
L4
Hold Short
16150.0
16484.1
DOWN
16800.0
3.07
15727
16007
16143
16287
16567
*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
16150.0
-0.2
12980
-47.3
1756
5.0
Indecisive
Addition long/Short
TECHNICAL INDICATORS TABLE
RSI
1-ROC-RSI
STOCHASTIC
1-ROC-STOCHASTIC
MACD
1-ROCMACD
RS
1-ROCRS
27.07
-2.86
22.13
54.92
-164.76
-7.85
38.93
-15.37
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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