After a long downtrend from 4300 levels, looks like Nifty Metal index NSE:CNXMETAL has managed to get some support at least temporarily at 3320 levels.
It will be interesting to see what happens at the trendline resistance which is currently around 3700 levels.
I can see a Double Bottom here with positive divergence and also a Morning Star formation.
Good ...
Index has been trading in lower high lower formation. Today price bounced from recent low with Bullish Divergence visible on hourly chart.
3500 is also 78.6% retracement of entire move from 3366 to 3982 which will act as crucial support.
Going forward till 3520-3500 holds expect bounce till 3630-3670-3700
Break and cose above 3700 will confirm trend change and ...
CNXMETAL has managed to bounce from the upward sloping trend line and started the new leg with a gap up on Friday 17-Nov-2017. The gap that was formed has successful held in first half of 20-11-2017 and looks poised to move towards higher highs.
index formed a small hammer setup on weekly charts, sugget a upmove from this level.
similer setup in tatastell, jswsteel
https://in.tradingview.com/x/SjGQzEcM/
https://in.tradingview.com/x/2UnFvQ6J/
new high possible . buy with week low as sl
metal index saw a good up move in last 2 days .rsi has broken the symmetrical triangle on daily chart and index is approaching rectangle top and a falling trend line . price behavior and rsi suggest we might see a breakout in coming days.
now lets analyse major heavyweights of metal index -
1. TATASTEEL : TATASTEEL
stock after giving strong result showing its ...
Matter to watch a weekly close above 3020, will push the metal index to 3131 to confirm a harmonic setup of "Bearish Shark Pattern"
Below 2980 can slide upto 2845-2710
3131 >>>>>>> correction till 3014-2916
CROSS ABOVE 3131 ON WEEKLY BASIS >> 3212-3290 INTACT
Metal index NOW at 2833.
0.618 retracement level at 2794.
Maximum Metal heavy weights are in OVERSOLD territory.
Soon witnessing Reversal.
TATASTEEL, VEDL looks Good.
After rejecting channel resistance 3230 NIFTY Metals has been in reversal mode and reached channel support @2854. If holds this level for few days likely to resume the uptrend again. If acceptance below 2850 will be critical for longs
"Always follow your trading plan". Every trader have trading plan. When to enter a trade, when to exit, target and stoploss. And also everybody have their own analysis skills. We can discuss with our trading friends about a script. We can discuss whether the price is going up or going down. But when entering a trade it should be based on our analysis, our trading ...
If there is one sector that did exceptionally well in past year it was metal. But every Trend bends at some point. I think after all this euphoric bull rally it is getting ready for some strong corrective move.
