CNX Auto last close is below my monthly bearish level.
It will be interesting to see weather it sustains above bearish level.
Important levels are marked.
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Hi Everyone
Today we are going to discuss Auto Index.
1) First currently Auto index is in correction of L4( long term 4th wave) and futuristic movement is bullish in form of L5 ( 5th wave).
2) In L4 we are also in last leg correction, this mean price should not consolidate here more than 2 week or so. if price consolidate more that mean there is a possibility of...
NSE:CNXAUTO
I am expecting a small correction in the Auto sector. It is because the price is facing resistance on the upper trendline. The MACD indicator is showing a small divergence as the MACD Line didn't went up when the price went up and giving random crossovers. It is moving in a range but the prices went up in past one month.
The same is with the RSI,...
Nifty Auto index has been trading in a channel for quite some time. It gave a good weekly closing last week, above it's all time high.
If the momentum continues, there is a possibility that it can break out of the channel and chase new highs.
Let's for this week to see how it closes.
Nifty auto is looking good on weekly chart. Giving breakout. Can be a good short to medium term sector to have in your radar. stocks to watchout is M&M, ASHOK LEYLAND, EICEHER MOTORS, MARUTI etc
Look for multiyear breakout from cup and handle in Auto sector. All the constituents like Maruti, TML, Ashok Leyland are looking strong and are ready to give a breakout. M&M has already broken out from the cup & handle pattern which pulled the auto sector till now, and its time for other auto stocks to follow up.
Nifty Auto: Be Vigil !
➡️ Nifty Auto: At multiyear resistance !Monthly and Weekly divergent; daily made first strong bearish candle at ATH BO
➡️ M&M and Maruti contribute ~40% to NiftyAuto index.
➡️ M&M: Big negative daily candle with Future price lower than Spot price; daily goes divergent, weekly and monthly strength remains; if not short, book profit;...
Auto index has been the strongest sector in this rally. It Can stop if it doesn't crosses 8th July high. Targets being 11900 11700 11500 & 11300 respectively..
NIFTY AUTO - short-term uptrend
1. For the swing traders, it's on the short-term uptrend for all auto stock. capitalize it.
2. it may hit in a day and reverse back or in a week based on the rising wedge resistance.
3. Concentrate on M&M, MRF, Maruthi, and TIINDIA for quick running.
Note:
1. I’m not a SEBI Registered advisor, my research is personal and for...
Nifty auto sector is consolidating between 9500 to 12000 from 2021.
And now making higher high and higher low in daily time frame.
It is just 500-600 point away from all time high when makret is in downtrend it looks llike soon it will breach all time high and will make a new all time high.
As per Elliott Wave Theory when NSE:NIFTY itself was falling NSE:CNXAUTO hold its fort. Now I'm expecting a similar type of fall in Nifty Auto too with a stoploss above its recent high. You can see my recent Nifty analysis too.
CNXAUTO broke down from almost a month long uptrend channel on 3rd June. It has formed another uptrend channel since 6th June. A break down from the newly formed channel will test the low of 11153 formed on 7th Jun
If Breaks Then The Targets could be Taken at 10959 .
Time Frame :- 1 Hour
Patterns Name :- Parallel Channels
Symbol Name :- CNX AUTO ( Nifty Auto )
Based on Your Own Risk this is only to Show you the Current Pattern .
We are not responsible for any profit or loss .
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Auto index showing sign of exhaustion. Hammer candlestick near the resistance zone. Short the rally near the resistance is the right strategy in the bear market.
