METALS trying to break 5900 since july 28.
5900 has been acting as a resistance for metal index , from all time a correction of 12% has been seen.
For a further up move i think metal index should consolidate above 5900.
Is there more correction left ?
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Metal sector index last week went bearish following a weekly divergence
It now has a unconfirmed bullish reverse divergence on weekly and could take momentum support and bounce
Daily momentum has touched 40 support. In short any bearish further from here is bearish confirmation and reversal.
Metal Index obervations:
- Metals retest of BO line done today. Whether successful?? need to check chart for next few days.
- Level closed on 20 DEMA support.
- Super trend is still in buy zone.
Need to wait for uptrend continuation confirmation on chart in coming days.
*Analysis only for educational purposes. Not a recommendation,
Nifty metal Index now at 5770
Time Cycle 1 , Based on Fibonacci extension,,
Price wise the extension of 1.618% of last down swing have now extended to maturity levels,, ended this week,,
Price wise the extension of 1.618% of last down swing is around 5971 levels,, still 2 to 3% move is pending..
So price and time squaring around the same point in trend,, when ever...