Report For Date: 02/03/2019
MCX Cotton Bales: (Price in Rs/Per Bale)
Cover short position as open interest increased with the rise and positive candle as swing bottom is formed.
A higher low and higher high with bullish candle was formed last week which suggest a swing bottom.
Linear Regression Line is drawn on the chart with red color. Parallel line to the linear regression line is drawn from earlier support and swing bottom.
Similarly, of the fall from the historical peak of 24270, a line regression line and channel is formed which shows price is now above the regression line and may hit the upper channel line which is around 21219.
The WRV is around 21272 which could be level to be tested in near term.
Contrarian buy situation has been witnessed as swing bottom has been witnessed with bullish candle. Further addition of long position has been witnessed.
TREND INFORMATION WEEKLY LEVELS
CLOSE
|
WRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
20620.00
|
21272.27
|
DOWN
|
21750.00
|
23.11
|
19630
|
20230
|
20440
|
20830
|
21430
|
*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
Close
|
PRICE G/L%
|
VOLUME
|
% V INC/DEC
|
OPEN INTEREST
|
% OI INC/DEC
|
CANDLE
|
POSITION
|
20620.0
|
2.2
|
186230.0
|
-52.1
|
13082.0
|
317.2
|
Positive
|
Addition Long
|
TECHNICAL INDICATORS TABLE
RSI
|
1-ROC-RSI
|
STOCHASTIC
|
1-ROC-
STOCHASTIC
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
42.84
|
14.44
|
30.87
|
132.80
|
-441.44
|
3.37
|
49.79
|
45.69
|
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.