The trend is up but a profit taking is likely to be seen.
The Bandwidth has turned down and a trendline break also seen which is indicating that we have seen a momentary top at 4470.
Support of 4315 has broken and decline below 4300 may force prices to dip towards DRV which is at 4267.
The next support below 4267 is at 4230.
Ideally, first priority is to exit any pending long positions at market price and on rise to 4350 – 4370 levels or above as the opportunity arises.
Wait for any fresh positions for the time-being.
TREND INFORMATION WITH INTRA-DAY LEVELS
STRATEGY
CLOSE
DRV
TREND*
Trend Price
Trend Date
L1
L2
CP
L3
L4
Book Profits
4335.5
4269.6
UP
4009.0
19.12
4219
4294
4328
4369
4444
*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 -G/L%
OPEN INTEREST
OI -G/L %
CANDLE
POSITION
4335.5
0.4
96960
-6.3
157930
-1.0
Positive
Unwinding
TECHNICAL INDICATORS TABLE
RSI
1-ROC-RSI
STOCHASTIC
1-ROCSTOCHASTIC
MACD
1-ROCMACD
RS
1-ROCRS
62.3
2.0
25
0.9
91
-4.9
57.91
-4.19
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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