Report For Week Dated: 8/2/2016
NCDEX Chana Weekly (Prices are in INR (Rs)/Quintal
Exit long and sell on rise from 4075-4164 with a stop loss of 4190.
Expect lower range of 4003-3842 to be tested.
On the C1 chart, the rally was from 2651 to 5425.
The 50% and 61.8% retracement of the rally are at 4025 and 3709.
Further weakness will continue for correction below 4025.
Near term reversal may happen on rise and close above 4190.
WEEKLY TREND INFORMATION WITH WEEKLY LEVEL
|
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
|
Hold Short
|
4075.0
|
4490.9
|
DOWN
|
4295.0
|
22.01
|
3842
|
4003
|
4092
|
4164
|
4325
|
*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 weekly closing stop loss of DRV: Close >DRV. If trend is down then traders can hold short position with a weekly closing stop loss of DRV: Close <DRV.
PRICE, VOLUME AND OPEN INTEREST STRATEGY
|
Last Close
|
Price G/L%
|
Volume
|
% V Inc/Dec
|
Open Interest
|
% OI Inc/Dec
|
Candle
|
Position
|
|
4075.0
|
-2.7
|
173440
|
60.7
|
28930
|
6.8
|
Negative
|
Addition Short
|
TECHNICAL INDICATORS TABLE
|
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
|
34.89
|
-5.38
|
5.98
|
-57.06
|
-42.30
|
-620.24
|
25.79
|
-11.60
|
Weekly Chart
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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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