MCX Cotton Bales October: Lower Range Can Be To Cover Short Position

Report For Date: 25/08/2016

MCX Cotton Bales October: Lower Range Can Be To Cover Short Position

MCX Cotton Bales: (Price in Rs/Per Bale)

Traders short and holding the same can maintain the stop loss at 20770.

Exit long and sell on rise from 20090-20407 with a stop loss of 20770.

Expect lower range of 19907-19407 to be tested.

The 61.8% retracement of the rise from 17480 to 23140 is at 19660.

Expect the 61.8% retracement to be tested and support can be witnessed around the same.

Lower level of around 61.8% retracement level of 19660 can be used to take profits on short position.

TREND INFORMATION WITH INTRA-DAY LEVELS

*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

TECHNICAL INDICATORS TABLE

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.