MCX Cotton Bales January 2017: Higher Level To Attract Resistance/Profit Booking

Report For Date: 05/01/2018

MCX Cotton Bales January 2017: Higher Level To Attract Resistance/Profit Booking

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

Traders long and holding the same can maintain the stop loss at 19600.

Resistance will be at 20230-20510-21060.

The C1 chart top is at 21111.

Higher range can be used to take profits.

Correction and sideways volatility will resume on fall and close below 19600.


TREND INFORMATION WEEKLY LEVELS

STRATEGY	CLOSE	DRV	TREND*	Trend Price	Trend Date	L1	L2	CP	L3	L4
-	20240.0	18825.4	UP	18430.0	17.11	19410	19960	20230	20510	21060

*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
20240.0	2.7	338340	249.8	8476	583.5	Indecisive	Unwinding

TECHNICAL INDICATORS TABLE

RSI	1-ROC-RSI	STOCHASTIC	1-ROC- STOCHASTIC	MACD	1-ROC MACD	RS	1-ROC RS
67.04	7.36	79.76	-4.02	374.09	19.90	66.23	6.03

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.