metal indexindex formed a small hammer setup on weekly charts, sugget a upmove from this level.
similer setup in tatastell, jswsteel
new high possible . buy with week low as sl
CNXMETAL trade ideas
NIFTY METAL- tatsteel ,jswsteel, hindalco, vedl analysismetal 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 strength and all ready for a up move. stock has resistance in between 506-510 range but macd crossover as weel as price behavior suggest we might see a breakout and price can hit 2014 June high oh 579.
2. jswstee l : NSE:JSWSTEEL
stock has been in deep consolidation from last 6 month .we can say stock underwent a time wise correction. for the first time price closed above 200 on weekly basis . we expect a immediate up move till 220.
support near 190 (trendline support)
3. hindalco : NSE:HINDALCO
similar to jswsteel stock was in strong consolidation in between 200-180 level .
4. ved l: NSE:VEDL
Nifty Metal Index to witness "Bearish Shark Pattern" 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
CNXMETAL Inching towards 0.618 Fib retracement.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.
Metals At Trend line Support - ObservationAfter 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!"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 plan. Everyday share market gives us question paper and we are answering it by our trades. Like the answer sheet the way we represent our trade gives us success in long term. Stick to your trading plan. Then only you can measure the success rate of it. And always take responsibility of your trades. What makes us to stick with our trading plan? One who want to improve their trade, always analyse their
trading plan's success/failure rate by following it sincerely. Remember its always "My trade, my plan, my responsibility".
Nifty Metal About To ReverseIf 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.
nifty metal close above 3150 invalid otherwise downside healthy correction up to 2700 zone awaited !!!
nifty metallets test type of study,at present its reaching support ray if breaks then expected target shld be next ray,or if bounce then ray above it is target
CNXMETAL - Breaking out Consolidation, Reaching 2700 Levels. It is a good time to focus on metal related stocks as the price action on metal index just broke out from consolidation on daily chart. Buyers showing interest in metal and building pressure to move prices up.
