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 .
Nifty Metals (Weekly):
1. Sector has given a breakout from its consolidation range
2. Sector was consolidating from last 1 year
3. Upper Bollinger Band is challenged
4. Also, there is Positive Crossover of 5,13 Weekly Exponential Moving Average
Major constituents of Nifty Metal are:
1. Tata Steel- 21%
2. Hindalco- 18%
3. JSW Steel- 13.5%
4. Vedanta- 11%
5....
Nifty metal index continues to charge higher in wave iii of 5, and it pushed MACD towards higher high.
Overall wave structure
RK buy signal activated in daily time frame
Key levels are mentioned on chart
MACD in Daily positive
MACD in weekly positive
RSI in daily uptick
MACD at Higher High
Most investors treat trading as a hobby because...
I hope everything is clear on the image itself.
After a long rally towards the downside, NMDC is ready to run to the higher level especially after breaking the previous lower-high.
NSE:CNXMETAL
Price spread analysis of metals index:
1)very wide spread bearish candle, but no downside follow through
2) weak upmove, range of candles on upside very low, took 4 weeks time to reach 5900 level, where it took just 1 week to fall
3) again a very wide spread bearish candle, limited downside implications
4) ease of movement still on downside, yet...
One can expect Nifty Metals to go bullish once the price moves and closes above 5760. Also one many have to check the breakout volumes from individual stock's to access the breakout strength.
On the last trading day, Nifty Metals had faced the breakdown of his trendline on daily chart. Now it will take support from it's next support level at 5282 & 5169 & then 5000. Such fall in Nifty Metals will cause more panic in market and we will see more decline in price of its major contributor Shares which are Tata Steel (23.56%), JSW Steel (15.38%), Hindalco...
Here's the Nifty Metal index with a bullish breakout. The XABCD bearish crab pattern gives the targets mentioned on the chart.
We shall try to pick some of the metal stocks which are showing a similar pattern.
Tata steel stock price has fallen in recent times. However, the price is showing bullish signs now. The volumes are increasing and the price is nearing a breakout. The overall metal index showed a bullish sign.
The XABCD bat pattern sets a supply zone/ PRZ which has to be taken out to make a new all-time high.
Start booking the profits from the supply zone and...
CMP: 122
The stock has given a falling wedge pattern breakout on higher timeframe.
After touching 150, it has been consolidating.
It can move higher from here.
Expectation: 180, 230
SL: Mentioned in the chart based on weekly closing
Nifty metals currently in a parallel channel, also forming a rounding bottom pattern(cup and handle) break out above 5410 can give us target up to all time high and above levels .. look for long opportunity in metal stocks.. (conditions apply only if overall market is bullish.)
Hey Guys,
Nifty Metals is taking bounce on EMA 20 Days metals rally is not over yet once it will break 5080 and hold its position for 5 to 15 minutes then a strong momentum market will see
![CNXMETAL: NIFTYMETAL-INDEX[1-D or W] Bearish](https://s3.tradingview.com/x/x31ChPK3_mid.png "NIFTYMETAL-INDEX[1-D or W] Bearish")
