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Metalindex

#CNXMETAL NiftyMetal MTF analysis Sharing my multi timeframe analysis on Metal index, which I believe is a candidate for coming weeks to show some strength On Monthly tf, it has formed inverted bullish hammer in March which is generally a sign of reversal and also looks like a higher double bottom formation near 38 to 50% fibo support zone of the swing from Covid low to Apr'22 high On Weekly charts, Current weekly candle shows that it is a good consolidation candle and has closed above previous week's closing. This was something which Index wasn't able to do it since Jan'23 except for one instance in Feb. end. also last two weekly lows are higher then the feb lows. It is testing the counter trendline resistance multiple times and possibility of breakout post this week's consolidation are higher On daily charts, Inverted H&S formation along with falling channel breakout visible on daily charts. If there is a upmove and it sustain above the breakout level - we may see some good upmove in metal stocks in coming days as most of them are also on oversold territory now.
CLong
by aktradelearning
Metal index - Possible reversal zone. 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
CShort
by TheStocktrader_Skn
NIFTY METAL INDEX time and price analysis.Nifty metal Index now at 5770 Time Cycle 1 , Based on Fibonacci extension,, Price wise the extension of 1.618% of last down swing have now extended to maturity levels,, ended this week,, Price wise the extension of 1.618% of last down swing is around 5971 levels,, still 2 to 3% move is pending.. So price and time squaring around the same point in trend,, when ever such scenario happens ,, trend change can be seen. Time cycle 2 :- weekly time cycle of 188 bars Calculating from last 2 swing peaks,, index is making peaks after interval of 188 trading weekly bars,, Now this time 188 trading weekly bars mature in second week of august month,, which indicate a peak for this up trend if we go as per past history.. Bearish divergence,, Price is making higher high, where as RSI and MACD Indicators are not able to make fresh high and are infact making lower high,, giving bearish divergence,, RSI have given breakdown from rising channel formation and is continuously trading below the breakdown levels,, MACD have also given bearish cross over from the peak and still is not able to regain it positive stance with the recent upmove,, Elliot wave :- Index is in impulse wave 5 of impulse phase,, which is considered as euphoric wave,, so if corrective phase ufolds going further ,, than good retracement of the current upmove can be seen it's time to be cautious in metal sector,,, Trend change possible soon...
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by RUDRA007
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