Time to be cautious on AUTO sector,we have seen a significant corrective rise since covid low's on CNX AUTO INDEX in the form of triple correction WXYXZ,with wave W taking a form of bow-tie diametric pattern,wave Y being a zigzag, and wave Z being a flat correction.Post this we can see impulsive move unfolding on the downside retracing entire WXYXZ pattern by...
CNX Auto Daily (Evenign Star)
Currently at 38% retracement of most recent wave
Support at 11640 , breakdown of which can take us to 61% retracement at 11470
breakdown of 11470 will then take us to 11000 which is a very strong support
Change of Polarity below 11070
Bottom Line : Showing sign of reversals , sell on rise till it takes out the...
About to break Dec2017- Jan2018 level, need to close above 12030- 12050 on at least weekly chart, good to go will be if closes above its level 12030 on monthly chart too, can seek its immediate support at 11083 if falls in order to bounce back.
NIFTY AUTO is near ATH
Reaching previous high nearly after 4 years.
Relatively becoming stronger than NIFTY
in shorter as well as Longer time frames.
Good upside is expected from here.
Initial targets 14000
cup and handle breakout with good bullish fat candle formation,,
time for auto stocks to outperform
select your stocks from auto sector for investment
in coming time they will perform better
Last month Nifty auto was perfectly traded as (plotted study attached)
Have marked important levels for November as well
Sell on rise near the levels marked...
Like... Share.. Follow ( for more update )
Nifty auto index is showing. A firm confirmation of breakout from the previous resistance and also from a double bottom W pattern.
The last weekly candle is wide range bullish open = low pattern. The momentum and trend is bullish on all timeframes.
From the fundamental side covid recovery and festive sales could help stocks in the sector to sustain the bullishness...
Nifty auto weekly chart
1. chart is forming continuation pattern , called ascending triangle.
2. hidden positive divergence in price and RSI.
3. MACD is near to crossover.
waiting for breakout in auto index for long short term entry.