CNXMETAL retracing after downtrend. Look for short entries in peers. Intraday only since the daily support is still intact.
The stock has corrected and has reversed its trend from its 200 EMA and 61.5% Fibonacci levels. It has already crossed 50 EMA and is taking support at it. The Nifty Metal index is also at its support zone. As soon as the Metal Index breaks out, jindal Drilling is a high potential for commencing its rise fro here.
Metal stocks showing strength in last couple of days. Index sustaining above the resistance level after breakout. The rally may further extend, keep metal stocks in radar.
Beautiful cup an handle, BO is already there, retest too looks completed. 1st target will be 6700, next we are eyeing 7100 and if the market stays in right mood, medium term target is 9000.
PRICE MOMENT FOR THE WEEK . DISCLAIMER: This is my own analysis and you do your own analysis before you take any trade and I am not SEBI registered and contact your financial adviser before taking any trades .I am not responsible for your profit or loss. This is only for educational purpose and learning.
Expecting a considerable weakness to be developed in the upcoming weeks.
Looks good for the next leg of the run. 6340 is the resistance level to look for. 6786 could be the first target. RSI levels levels are on the rise.
The metal industries perfectly break the resistance in weekly chart. The CMP- 6324.15 The target price is - 6757.35 Focus all metal stock (Tata steel, sail, hindalco, JSW Steel)
A close above 6345 tells us that we are not right path, it will give us great momemntum. Min 52 weeks highs are expected with a small pause at 6415.
Key highlights: 💡⚡ 📊 Currently CNXMETAL trading at level 6027 and 6019 is its support level which is also cup & handle neckline which may work as support line. 📊 If it is breaking support level one can go for SHORT into METAL sector. IF SUPPORT LEVEL IS BREAK THEN ONLY GO FOR SHORT TRADE. ⚠️ Important: Always maintain your Risk & Reward Ratio. ⚠️ Purely...
Metal index looks positive. Positive above 6264. Formed cup and handle breakout
The Structure looks good to us, waiting for this instrument to correct and then give us these opportunities as shown on this instrument (Price Chart). Note: its my view only and its for educational purpose only. only who has got knowledge about this strategy, will understand what to be done on this setup. its purely based on my technical analysis only...
METAL Sector has given breakout. Previous Resistance is now Work as Support. We may see Rally of 5-6% in next trading days. Keep an eye on volatile Metal stocks eg. HINDCOPPER , HINDALCO , TATASTEEL , VEDANTA ETC ✅Like and follow to never miss a new idea!✅ Disclaimer: I am not SEBI Registered Advisor. My posts are purely for training and educational purposes.
Sector has created a bottom and broken the structure. Will likely rally up to last month's high in this month. NSE:CNXMETAL SL @ 4828 TGT @ 5460
I See the development of wave B. one should be careful and abstain from taking long positions. good for intra-day traders. All the best. Sharp movements both up and down will be seen in metal stocks in the coming weeks.
On 21 June 2022, Tuesday The NIFTY METAL Index is making a bullish hammer on the charts Suggesting a strong Reversal of 33% from where it is standing right now, If at the weekly closing the hammer sustains. Keep an eye on the hammer, as this can provide a buying opportunity in a strong sell-on-rise market.
Nifty Metal at monthly support of 5140.Be cautious.Negative news or positive news lead to fast movement either side. I am not sebi registered,please consult your financial adviser