Date: 11/03/2019
NCDEX Refined Soya Oil: (Price are in INR (Rs)/10kg)
The last rise from 706 to 767 has been retraced to 61.8% level of 731.75.
Last week was a doji and almost tested the 61.8%.
The low registered last week was 735.40.
Support will be at lower range is at 736-731.
Resistance will be at 745.
If sustains above the weekly open and above 745 then expect a rise towards 754.
Swing bottom will happen if higher low and higher high is formed in the coming week.
Traders short and holding the same can maintain the stop loss at 745.
Cover short position at 740.75 or below.
Downside momentum will continue below 731 and till then lower range can be used to cover short position.
Higher range for the week can be 745-754.
TREND INFORMATION WITH INTRA-DAY LEVELS
CLOSE
|
WRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
740.75
|
747.82
|
DOWN
|
741.0
|
8.0
|
727.0
|
736.0
|
740.2
|
745.0
|
754.0
|
*Trend will remain Down as long as last close is below the pink color WRV. Trend will be Up as long as Price is above WRV (Weekly Reversal Value). Positional Traders: If trend is up then traders long can hold long position with closing stop loss of WRV: Close >WRV=Up Trend. If trend is down then traders can hold short position with a closing stop loss of WRV: Close <WRV=Down Trend.
PRICE, VOLUME AND OPEN INTEREST STRATEGY
Last Close
|
Price G/L%
|
Volume
|
% V Inc/Dec
|
Open Interest
|
% OI Inc/Dec
|
Candle
|
Position
|
740.8
|
0.0
|
78170.0
|
75.9
|
54630.0
|
15.8
|
Indecisive
|
Addition long/Short
|
TECHNICAL INDICATORS TABLE
RSI
|
1-ROC-RSI
|
STOCHASTIC
|
1-ROC
STOCHASTIC
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
46.74
|
-0.18
|
16.70
|
-9.04
|
1.50
|
-37.70
|
38.99
|
-0.22
|
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.