MCX Gold October: Sideways Movement /Oscillation Around Drv Likely
MCX Gold (Price figures below are in Rs/INR per Kg)
Blue Color Candles is the chart is associated with sideways movement or correction phase.
Bandwidth is falling therefore contract of movement in near term is likely to happen or oscillate around the DRV.
38.2% retracement level of 29412 was tested yesterday as the low registered was 29443.
Further weakness is below 29452.Near term reversal is above 29856.
TREND INFORMATION WITH INTRA-DAY LEVELS
STRATEGY
CLOSE
DRV
TREND*
Trend Price
Trend Date
L1
L2
CP
L3
L4
Hold Short
29564.00
29675.97
DOWN
29564.0
21.09
29284
29464
29543
29644
29824
*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
29564.0
-0.7
11619000
46.7
5392
-4.5
Indecisive
Unwinding
TECHINCAL INDICATORS TABLE
RSI
1-ROC-RSI
Stochastic
1-ROC-Stochastic
MACD
1-ROCMACD
RS
1-ROCRS
48.72
-10.17
27.01
27.81
136.14
-18.17
51.88
-8.31
Note: UP Green= Shows Up Trend as Close > DRV (Pink Line), DN Red= Shows Down Trend as Close < DRV(Pink Line), Red Color Bar= Down Trend + Bandwidth Is Rising, Green Color Bars= Up Trend + Bandwidth Is Rising, Blue Color Bars= Sideways(Trend could be up or down + Bandwidth is falling), 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. Bandwidth Indicator= Helps to determine directional speed in the direction of the trend. Falling Bandwidth would indicates loss of momentum being witnessed or likely to be witnessed. Sideways movement may emerge or upside or downside could be locked until Bandwidth does not turn up. Rising Bandwidth can bring about directional momentum.
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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