NIFTYMETAL/NIFTY ratio chart is exhibiting retracement from its pullback from last highs. The ratio has shown successful retracement toward 0.318 Fib level and seems to have successfully bounced from that level. This is bullish development for the metal stocks in the coming weeks. We may see the price going back to the previous high and beyond.
I am stuck in metals. As with Nifty Metals are falling from past few days. Please let me know if you think your analysis still holds valid.
vipulmehta817
⋅
@preyanshdwivedi, Hello, the NIFTYMETAL/NIFTY ratio is still bullish but the Nifty Metal index itself has been hovering around the top of the flag formation on the Daily chart. Things are hanging by the thread to be frank. Till the flag breakout happens, nothing certain can be said about the bullish move in the index and its top constituents.
Some down move in the top metal stocks is certainly possible in the coming days..
I am stuck in metals. As with Nifty Metals are falling from past few days. Please let me know if you think your analysis still holds valid.