I am looking this as corrective structure , we call it as secondary correction to primary downward trend ,
This move will be slow and mostly looks like a choppy on daily , but the move is going to occur in coming day
One can look for positioning them self for trading in this corrective structures
Now the Auto Segment have come to an pause on daily time frame basis
its been Quite a move towards down ward , One can look for an consolidations phase in the Auto segment
You will observe they might enter in side way pattern or , partially range bond moves
Try to trade with in the range bond move in Future trading ,
I have plotted one of the best...
When sector looming on its bottom line , the returns wouldnt be great in next couple of quarters even if it bottom out. i thought 7500 but went down all the way to 7000. i shifted my support lower which indeed turns out to be good.
NIFTYAUTO index has been on a downtrend traversing through key supports. Now 7000 seems to be the support of last resort for the index.
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Positive Divergence is seen on Daily Chart of CNXAUTO. Could this be a relief in the auto sector? Maybe Yes? or Maybe Not? I searched on google about RSI Divergence(s) before posting this as my charts are generally based on Harmonics and I don't know about divergences or general technical analysis that much. This is on a Daily Timeframe so can be seen as a...