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MCX Cotton Bales October 2017: Breakout Above 19460 Is Essential

9 Oct 2017 12:29 pm
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Report For Date: 09/10/2017


MCX Cotton Bales October 2017: Breakout above 19460 is essential

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

Traders by chance long and holding the same can maintain the stop loss at 18000.

Expect higher range of 18827-19207 to be tested.

Further rally is above 19460.

Consolidation around DRV is likely as long as 18000 is not violated strongly with bearish candle.

Breakout and close above 19460 is essential and if breakout not witnessed then slide down to 17133 to 16060 could be witnessed.

The current movement appears to be like B structure therefore breakout essential and failure and fall below 18000 will confirm B structure which means slid e to 17133-16060 could be happening.

At this point bias is for sideways up trend as long 18000 is not violated.
TREND INFORMATION WEEKLY LEVELS

STRATEGY CLOSE DRV TREND* Trend Price Trend Date L1 L2 CP L3 L4
Hold Long 18670.0 18275.2 UP 18440.0 28.07 18067 18447 18603 18827 19207

*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
18670.0 0.8 77130 -25.8 2741 -11.0 Positive Unwinding
TECHNICAL INDICATORS TABLE

RSI 1-ROC-RSI STOCHASTIC 1-ROC- STOCHASTIC MACD 1-ROC MACD RS 1-ROC RS
54.61 3.16 29.79 -6.23 170.87 0.25 55.15 4.94


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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