CNXMetal or Nifty Metal - Outlook For Coming Weeks
CCNXMETAL index is looking weak on charts with multiple bearish formations in place. Referring to candlesticks, last week's close has come with 3 inside down candles. Though this candlestick pattern is not completely reliable, it suggests price making lower lows and the index is witnessing pressure!
On last week's candle, it also formed a bearish marabozu which shows the intent of sellers selling the stock at any given price. Last week's close also came below 100 EMA and if the selling pressure continues, I won't be surprised if this index heads towards 200 EMA on weekly which is placed at 4858.
Short term targets on downside would be 5293 and 5174. If a close comes below 5174, I can be certain that the price will head to 200 EMA positionally. Also 5174 is below 5209 ( weekly swing low )
Let's see how the story develops. Best wishes!
Disclaimer -
- The opinions expressed here are my own. This is for my own records as well as what I see on charts.
- If you are referring to this, please keep in mind that it is only for educational and research purposes.
- Past performance is no guarantee of future results.
- You must accept responsibility for any decision you make. DO NOT TAKE THIS AS AN INVESTMENT RECOMMENDATION.
- It's your hard-earned cash. Trade / Invest wisely, keeping in mind your trading style, goals and objectives, time horizon, and risk tolerance.
- Before investing, conduct your own research and consult with a financial advisor.
TIA!
On last week's candle, it also formed a bearish marabozu which shows the intent of sellers selling the stock at any given price. Last week's close also came below 100 EMA and if the selling pressure continues, I won't be surprised if this index heads towards 200 EMA on weekly which is placed at 4858.
Short term targets on downside would be 5293 and 5174. If a close comes below 5174, I can be certain that the price will head to 200 EMA positionally. Also 5174 is below 5209 ( weekly swing low )
Let's see how the story develops. Best wishes!
Disclaimer -
- The opinions expressed here are my own. This is for my own records as well as what I see on charts.
- If you are referring to this, please keep in mind that it is only for educational and research purposes.
- Past performance is no guarantee of future results.
- You must accept responsibility for any decision you make. DO NOT TAKE THIS AS AN INVESTMENT RECOMMENDATION.
- It's your hard-earned cash. Trade / Invest wisely, keeping in mind your trading style, goals and objectives, time horizon, and risk tolerance.
- Before investing, conduct your own research and consult with a financial advisor.
TIA!
Disclaimer
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