BSE Capital Goods- Relative Strength signaling RED FLAGS!Attached: BSE Capital Goods/ BSE Sensex Daily Chart as of 13th April 2023
The Ratio Chart has given Warning Signals of what is about to come for the Capital Goods Sector, the Warning Signals are as follows:
1) A Broadening Wedge Pattern (see the Blue Trend Lines marking the Pattern)
2) A Double To
Bearish Double Top - Capital Goods Index - Expect CorrectionStraight Double Top Bearish Pattern on Capital Goods Index - Note this is on weekly timeframe
SL for shorts mentioned
All targets on the chart
Expect downside correction of 10 to 20 % over next 5 to 8 weeks
The index consists of 25 stocks - 8 FnO Stocks & 17 Cash Stocks. Constituents are -
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Displays a symbol's price movements over previous years to identify recurring trends.