REPORT For Date 01/12/2017
CZCE Cotton No.1 Jan '18 (Wqf18): Cover Short Position
Yuan per ton
A bullish candle has been formed and trend shown is up as closing is above the DRV.
Traders short and holding the same can cover at 15155 or below as the opportunity arises.
Further weakness is below 14820.
Higher range for the week can be 15280-15600.
The lower top is at 15310 and if the same is crossed in near term then expects a reversal for a rally can resume.
Resistance can be witnessed at 15280-15311.
Near term band of movement is 15311 to 14820.
The momentary bias appears to be to test higher range.
Breakout and close above 15311 will be key from short to medium term trend.
TREND INFORMATION WITH INTRA-DAY LEVELS
|
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
|
Cover Short
|
15155.00
|
15119.75
|
UP
|
15155.0
|
1.12
|
14640
|
14960
|
15085
|
15280
|
15600
|
*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
|
LAST CLOSE
|
PRICE G/L%
|
VOLUME
|
% V INC/DEC
|
OPEN INTEREST
|
% OI INC/DEC
|
CANDLE
|
POSITION
|
|
15155.0
|
1.6
|
322964
|
-31.1
|
89046
|
-41.7
|
Positive
|
Unwinding
|
TECHNICAL INDICATORS TABLE
|
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
|
48.35
|
15.13
|
42.36
|
-5.21
|
-121.70
|
9.72
|
45.65
|
39.01
|
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Note: UP Green= Shows Up Trend as Close > DRV (Pink Line), DN Red= Shows Down Trend as Close < DRV(Pink Line), Red Color Bar= Down Trend + Bandwidth Is Rising, Green Color Bars= Up Trend + Bandwidth Is Rising, Blue Color Bars= Sideways(Trend could be up or down + Bandwidth is falling), Pink Color line= DRV, V marked= Increase in Volume in relation to last few days. 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. Bandwidth Indicator= Helps to determine directional speed in the direction of the trend. Falling Bandwidth would indicates loss of momentum being witnessed or likely to be witnessed. Sideways movement may emerge or upside or downside could be locked until Bandwidth does not turn up. Rising Bandwidth can bring about directional momentum.
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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