#CNXMETAL trading above Resistance of 8747
Next Resistance is at 11523
Support is at 6740
Here is previous chart:
Chart is self explanatory. Levels of breakout, possible up-moves (where index may find resistances) and support (close below which, setup will be invalidated) are clearly defined.
Disclaimer: This is for demonstration and educational purpose...
Metal sector: Nifty metals has not shown much rally but as per time cycle this sector seems to be ready to fly in next few days/weeks. My Preferred picks are: Jsw steel, Nalco, jspl.
📈Keep an eye on Nifty Metals Index .
📈On 13th Feb Index has formed hammer candle which indicates trend reversal.
📈Metal index has taken support on trendline as shown into chart and started moving upwards. 📈Index has made triple top and triple bottom pattern on daily chat. We may see bullishness till 8348 level.
📈Stocks to watch into Metal Sector are as follow:...
Metal stocks can be kept on focus for upcoming weeks and months,look at stocks like tata metal,sail, national aluminium all on breakout and structure is really strong
NOT AN BUYING SELLING RECOMMENDATION, CONSULT YOUR FINANCIAL ADVISOR
Metal Index Can show 20% upside in Next 2-3 Months.
ATH Breakout is seen on Metal Index & Flag Patter breakout suggest 20% upside in coming 3 months as high Probability.
Happy Investing.
Fib Analysis- the Index is back to the previous highs which is a strong resistance. We have a Fib confluence at the zone.
Trendline- the retest of the trendline from below is an indication of weakness.
RSI- it is now oscillating in the bear range.
Conclusion- in my view all the Indications are towards a deep correction, Minimum tgt is the recent lows which ...
Nifty Metal index which represents the metal stocks has already given a very good move and in last few months, now as we mentioned and projected it need to retest the lower levels and so that we can see pull back like that so you can plan your trading or investing accordingly ...
Disclaimer - views are just for education purpose only, make all your decisions...
#NIFTYMETAL Sector Analysis (1W TF)
PATTERN: RISING WEDGE BREAKOUT
- The Metal sector has shown a fabulous up move since beginning of 2023
- Wait for Breakout of the Resistance Zone OR Reversal !
#stocks #swingtrade #chartanalysis #priceaction #traderyte #india #indiagdp #StockMarketindia
NSE:CNXMETAL This also Shared on Dec-10 then it Moved 4.50% on the Upside Now Break the Resistance on the Monthly Time Frame in ( Weekly Time Frame it's a Different Story )
If Nifty moves more than 100 to 200 points this also gives some Move upside so add to your watch list Metal Stocks
also, I pin the Google Drive image link in the comment section
Analysis posted is of CNXMETAL that is showed here on quarterly time frame chart, hence it isn't meant for executing trade rather its indicative of sector strength as depicted by pattern.
1. Inside bar 1 2388 points 54%
2. Inside bar 2 1710 points 25 %
3. classic Inside up candlestick pattern under formation
