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NCDEX Dhaniya April 2019 Weekly: Correction Can End On Close Above 6415

2 Mar 2019 5:22 pm
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Report For Date: 02/03/2019


NCDEX Dhaniya (Price are in INR (Rs)/Quintal)


Traders short and holding the same can maintain the stop loss at 6415.

Correction will end on rise and close above 6415 with bullish candle can mark a swing bottom.

Expect support at lower range of 6112 to 5797.

The 61.8% retracement of the rise from 4813 to 7925 is at 5954.

Accumulate at 5954 or below with a stop loss of 5797 on a contrarian view.

Once the reversal is witnessed then expect rally to get back to the last lower top of 7925 in due course of time.

Reversal process can resume above 6415.

Traders can by if sustains above the weekly open and above 6415 with low of the week as the stop loss or 6150 whichever is lower.


TREND INFORMATION WITH WEEKLY LEVELS

CLOSE

WRV

TREND*

Trend

Price

Trend

Date

L1

L2

CP

L3

L4

6201.00

6576.93

DOWN

6865.5

11.01

5897

6112

6239

6327

6542

*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. Positional Traders can hold long position with WRV as the closing stop loss and close > WRV. Traders can hold short position with WRV as the closing stop loss and close < WRV.

PRICE, VOLUME AND OPEN INTEREST STRATEGY

LAST CLOSE

PRICE G/L%

VOLUME

% V INC/DEC

OPEN INTEREST

% OI INC/DEC

CANDLE

STRATEGY

6201.0

-0.5

24010.0

44.5

26190.0

-3.5

Indecisive

Unwinding

TECHNICAL INDICATORS TABLE

RSI

1-ROC-RSI

STOCHASTIC

1-ROC-

STOCHASTIC

MACD

1-ROC

MACD

RS

1-ROC

RS

43.28

-1.48

25.55

47.79

45.14

-44.69

31.05

-0.54

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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