REPORT For Date 01/01/2018
CZCE Cotton No.1 May '18 : Reversal Above 15200 Closing
Yuan per ton
Last week, was In Bar on weekly chart.
The movement above or below the In Bar high or low on closing will decide the next directional movement.
The 2 weeks high and low will confirm the next breakout or breakdown.
The high and low last week was 15105 and 14900 respectively.
The 2 week’s high and low is 15200 and 14800 respectively.
Expect sideways movement and oscillation around the DRV till next breakout or breakdown above 2 week high or 2 week low is not witnessed respectively.
Bandwidth increased with the rise and indecisive candle along with In Side Bar. Therefore, next directional movement is likely but outside the range of 2 week high and low.
The DRV is flat and horizontal also adding to suggest sideways volatility and oscillation around DRV.
MACD is falling.
Stochastic is falling.
RSI moved up.
The contract low is 14650 and 2 week low is at 14800. Therefore, lower level could attract support even as 2 week low is violated.
Resistance is surely at higher range and support surely at lower range leading to more sideways and indecisive market.
Indecisive market is when there is lack of demand and supply and last week In Bar suggest the same.
The volume was lower in relation to its previous week.
The volume set 2 week back is highest of the contract therefore 2 week high and low will play important role for time to come.
Resistance will be at 15105-15200. Traders long and holding the same can maintain the stop loss at 14900 and use to 15100-15200 to exit long.
Re-enter long if rise and close above 15200 is witnessed.
Reversal can be witnessed if close is above 15200.
TREND INFORMATION WITH INTRA-DAY LEVELS
|
STRATEGY
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
|
-
|
14995.0
|
15009.8
|
DOWN
|
14935.0
|
22.12
|
14690
|
14895
|
15000
|
15100
|
15305
|
*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
|
|
14995.0
|
0.4
|
653130
|
-56.3
|
-
|
-
|
Indecisive
|
-
|
TECHNICAL INDICATORS TABLE
|
RSI
|
1-ROC-RSI
|
Stochastic
|
1-ROC-
Stochastic
|
MACD
|
1-ROC
MACD
|
RS
|
1-ROC
RS
|
|
40.48
|
4.09
|
24.23
|
-41.96
|
-102.46
|
-4.92
|
44.61
|
20.53
|
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