Report for Date: 21/4/16
MCX Copper April: Further Weakness Is Below 356
MCX COPPER (Price figures below are in Rs/INR per Kg)
Traders short and holding the same can maintain the stop loss at 367.
Further weakness is below 367.
Expect higher range of 366-373 to be tested.
Trend will remain down as long as closing is below the DRV, irrespective of volatility swing between current price and DRV.
In order to minimize the risk, traders can maintain the stop loss of 367.
Cover short position at 364.2-356 range as the opportunity arises.
Sell is below 356 with high of the day stop loss or 367 whichever higher.
TREND INFORMATION WITH INTRA-DAY LEVELS
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
Hold Short
|
364.2
|
378.2
|
DOWN
|
398.05
|
2.03
|
352.7
|
359.7
|
362.2
|
366.7
|
373.7
|
*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.
PRICE, VOLUME AND OPEN INTEREST STRATEGY
Last Close
|
Price G/L%
|
Volume
|
V -G/L%
|
Open Interest
|
OI -G/L %
|
Candle
|
Position
|
364.2
|
0.8
|
44106000
|
-11.0
|
16868
|
-7.2
|
Positive
|
Unwinding
|
TECHINCAL INDICATORS TABLE
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
37.82
|
10.17
|
29.75
|
-3.48
|
-6.30
|
-0.29
|
36.67
|
5.55
|
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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