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.
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.
