NCDEX Kapas April 2017 Weekly: Further Rise Is Above 1119 Closing

Report For Date: 27/03/2017

NCDEX Kapas April 2017 in Rs/20Kg

Traders long and holding the same can revise up the stop loss to 1043.

Resistance is at 1083-1119.

Further rise can be witnessed on breakout and close above 1119.

Broadly till 1119 is not crossed higher range of 1083-1119 can be used to exit long position and take profits.

Correction can be seen if fall and close below 1043 is witnessed.

Bandwidth decreased with the fall and negative candle which suggest that expect near term correction or sideways movement till 1119 is not crossed.

Unwinding of position that is long and short was witnessed as open interest decreased. This means no one that is bull trader or bear trader were willing to add position last week.

In the event of a breakout and close above 1119 the rally can extend to 1235-1291 zone which is the supply zone. The retracement target of the fall from 1112 to 833 is placed at 1286. Therefore, breakout and close above 1119 is essential to get a rally.

TREND INFORMATION WITH WEEKLY LEVELS

STRATEGY	CLOSE	DRV	TREND*	Trend Price	Trend Date	L1	L2	CP	L3	L4
Hold Long	1063.5	1026.2	UP	960.5	30.12	1011	1047	1067	1083	1119

*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
1063.5	-1.3	25973	-8.1	11178	-5.4	Negative	Unwinding

TECHNICAL INDICATORS TABLE

RSI	1-ROC-RSI	STOCHASTIC	1-ROC- STOCHASTIC	MACD	1-ROC MACD	RS	1-ROC RS
65.34	-5.72	59.76	-19.02	37.10	-0.96	69.18	-15.91

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.