as you can see in image NMDC is near its support zone .
133-137 is very major support .
one can enter into 133-137 .
with strict SL of 127 .
do like my idea if you agree with it and also follow me .
dont panic , correction is healthy for long survival of market .
Trading after 12 long years near life high
copper near breakout
Vedl is a clear play for 500 areas .
on downside strong support at 300-310 areas on longer horizon
outperformed metal index and nifty from past few months
NSE:MCX Swing Trade
Current Price : 1713
This Script perfect support on its trendline
I expect it will bounce back from its support line and try to brake the triangle formation
Target : 1880+
Stop loss : 1678
This is only for education purpose.
Follow for more update.
The metal index is now falling in a-b-c like most of the moves since May 2021.
Here break of the rising channel means we go to test the previous swing low near 5268 and if that does not hold then (c) equal to (a) is at 5090 as the nesxt support level. Each set of abc can be marked as W-X-Y-X-Z.
macd in weekly is negative and down tick
MACD in daily is negative...
1) On daily time, we can see that it took support from 50DMA and closed above it.
460 to 470 is immediate support range. Breakdown of it, will continues down fall.
But if it sustain and take support from it then we can see reversal and an up move.
Please refer below chart : 1day Time Frame. ...
Metal sector index last week went bearish following a weekly divergence
It now has a unconfirmed bullish reverse divergence on weekly and could take momentum support and bounce
Daily momentum has touched 40 support. In short any bearish further from here is bearish confirmation and reversal.
As NIFTY is choosing to make new highs this week, I look at different sector performances and their strength against the broader market.
Through sector analysis and relative strength comparison we can find sector booms before they happen.
Also note, the comparisons made below are all relative to CNX500 index, so it doesn't mean that if trend is downwards the...
TataSteel BSL is ready for a breakout after a rally in metal sector started!
Breakout in Metal Sector.
Breakout with fresh volume
Targets are based on charts.
Disclaimer: Chart, data and levels for study purpose only. I am not a financial advisor. Use your intelligence before investing.
In Nifty Metal, today Bullish Engulfing have been formed.
And also gave breakout from the handle of the cup.
The pattern is small tough. Let's see how it goes.
We may see breakout from the resistance line soon.
This post is for information purpose only.
Just sharing my own analysis.