metal index saw a good up move in last 2 days .rsi has broken the symmetrical triangle on daily chart and index is approaching rectangle top and a falling trend line . price behavior and rsi suggest we might see a breakout in coming days. now lets analyse major heavyweights of metal index - 1. TATASTEEL : TATASTEEL stock after giving strong result showing its strength and all ready for a up move. stock has resistance in between 506-510 range but macd crossover as weel as price behavior suggest we might see a breakout and price can hit 2014 June high oh 579. 2. jswsteel : NSE:JSWSTEEL stock has been in deep consolidation from last 6 month .we can say stock underwent a time wise correction. for the first time price closed above 200 on weekly basis . we expect a immediate up move till 220. support near 190 (trendline support) 3. hindalco : NSE:HINDALCO similar to jswsteel stock was in strong consolidation in between 200-180 level . 4. vedl:NSE:VEDL
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either side breakout should decide fate of metals. range for now 3020- 2900
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tatstell 55o target achieved more to come 580 on cards jswsteel 221 achieved vedl 260 hindalco 195( only laggard)
Trade closed: target reached
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all target hit
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yraj
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good post, hope this time should see positive breakout
hem57
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agree with views 100 %. Thanks for your time and effort. Wishing profitable trades ahead :-)
hem57
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In vedanta with SL of 235 can go long 250 / 255 / 265 / 270
sandy
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abhilash bhai these charts shows your visualization power.keep it up and make task easy for us.................
kacharts
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@sandy, first of all thanks a lot for motivating me by such a kind words and yes i wil try my best to keep things as simple as a common man also understands as i beleive great results in stock market comes with basic tolls and technicals only but we get struck in a disease which i called analysis paralysis and end up in buy sell only. these r my view i may be completely wrong
sandy
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@KumarAbhilash, bro one big problem is with most of the trader that they don try to understand anything in depth what they are using.every one searching holly grail system.in the end result matters .
kacharts
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@sandy, no comments anyway we should focus what we can do i mean how easy we can make things for others reader.