BSE:METAL has broken out of 12 years of consolidation. Advancing higher in wave 3. The Larger wave 3 and 5 can take Index and Metal stocks Many fold. Metals can be multibaggers. There is lot of opportunities for growth in this sector.
CUP & HANDLE PATTERN FORMATION Break Out above 19945 WCB for Targets - 22650 / 24900 Immediate Support Zone - 19240_19380 Pattern Invalidation Level - 17240 WCB
let's see about this idea what will be the outcome friend's i am expecting something in next 2 weeks a good move will update all of you on time...
Keep eye on all metal stock as METAL INDEX has given breakout of trendline on daily time frame. STOCKS TO WATCH TATA STEEL JSW STEEL JINDAL STEEL SAIL
a cycle just started and we can see huge rally soon
Metals had followed a clear cyclical pattern. 2004-08 was the longest bull run where it gave returns of over 321%. The current bull run is still a year old and had already given returns of 275 percent. How long will this party run? RSI is at 78 and had broken all previous ATH except the RSI of 2008 bull run which peaked at 90 before cooling off.
The BSE metal sector has hit a 12 year old trend line. Historically this is the end of bull run in the cycle. But a strong breakout from this level will take it to ATH.
This is a chart of BSE Metal Index / Dollar Index which one can see is cyclical. Can it repeat through 2020 -> 21/22
Watch Jindal Steel, Tata Steel, JSW Steel, SAIL, HINDALCO etc., over the next few days . Consider the green dotted line on the index as a stop loss
Base Metals and Gold Do Not always move in the same direction
Go short below 11700, tgts 10600, stop just above 12035.
Metal stocks have shown long term weakness with respect to BSE500, with support at 6000 levels. Another interesting point to note is that the index has short upward cycles but downward trends tend to drag out for 2 to 3 times the timelines of the upward trends, notable exception being the trend between 2005 and 2008. Both the MACD and the relative strength...