When we saw heavy selling in US stocks at the same time we have observed weakness in some of indian index. Metal index is one of them.
5900 is a crucial resistance zone where index been rejected multiple times and even last week price broke out but failed to sustain & friday we saw rejection from the zone. A reversal candle will confirm the pattern and can initiate shorts in Metal stocks.
Fib Level - Retracement pending, 50% of retracement is near 5200. Technical - Successfully completed the Cup and expecting the formation of handle
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