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
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...
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...
National Aluminium Share has broken the resistance of 85, if you see in 15minutes times frame,
So, the share tested this level multiple times, and Finally it is broken.
You can see chart in weekly time frame after Rs.85.50 it had reached Rs.100 in the year between 2017-2018.
So you can make the position once it cross 85.50.
What's your view on this comment...