NIFTY CommoditiesIt is breaking out of consolidation so keep stock from this sector also in watchlist
CNXCOMMODITIES trade ideas
NIFTY COMMODITIES: BULL or BEAR?NIFTY COMMODITIES: BULL or BEAR?
SUP: 4755/2034
RES: 6434
Break of 6434, we an see 11000+.
CNXCOMMODITY:DXYIn correlation flow breakdown watch: CNXCOMMODITY vs U.S. Dollar Index . With dollar near support levels possibilities of bouncing off may also force commodities to take a breather.
Nifty Commodities- Profit Booking timeNifty Commodities weekly chart showing shooting star on the upper end of the trendline. I would be booking profits here until a close above 5090.
Why Trendlines are less reliable compared to Horizontal Lines* I am always trying to avoid trend lines when Open a chart.
* You can find Support and Resistance with help of trend line but if want to initiate a trade trend lines are less reliable as compared to Horizontal Boundary.
# Thats why i always preferred Horizontal Boundary lines when initiate my trade.
Kindly let me know if you have any questions.
Commodities Needs a Healthy CorrectionNSE:CNXCOMMODITIES
Bullish divergence with macd will power up the price, but before that the harmonic impulse play will cause a correction as being expected, 3 levels of bounce based on the fibonacci supports have been selected... the target for all is initially the outer line of the pitchfork
And if beyond that then the resistance level
In between there is the pivot, i expect some volatility in the pivot region
Disclaimer..Not an investment/trading recommendation
