Nifty Metal chart has formed a cup & handle after breaking out
Nifty Metal sector index has been in a parallel channel since 2020 March-April. On 29th April 2021, it broke out of the parallel channel, but retested the same levels by forming a cup and handle pattern. This cup and handle pattern also seems to be broken on 11th June 2021. Which signals bullishness in Nifty Metal stocks.
Analyse Nifty Metal stocks individually and pick a couple of stocks which offer you best risk reward ratio, rather than entering in every metal stocks.
PS: I am not a SEBI registered advisor. Enter in trades after reaching out to your advisors or at your own risk.
Analyse Nifty Metal stocks individually and pick a couple of stocks which offer you best risk reward ratio, rather than entering in every metal stocks.
PS: I am not a SEBI registered advisor. Enter in trades after reaching out to your advisors or at your own risk.
Trade active:
The technical analysis signals were good, but on June 16th, Chinese posed a threat to the whole metal industry. Kindly google and you will the following news:
"China to Release Metal Reserves in Effort to Tame Commodities Rally
Releasing reserves of copper, aluminum and zinc may reduce price pressures on manufacturers"
Hence, be cautious.
"China to Release Metal Reserves in Effort to Tame Commodities Rally
Releasing reserves of copper, aluminum and zinc may reduce price pressures on manufacturers"
Hence, be cautious.