CNXMETAL - WEEKLY VIEWThe 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 (strategies). we don't focus on the short term moves, we look for only for Bullish or Bearish Impulsive moves on the setups after a good price action is formed as per the strategy. we never get into corrective moves. because it will test our patience and also it will be a bullish or a bearish trap. and try trade the big moves.
we do not get into bullish or bearish traps. we anticipate and get into only big bullish or bearish moves (Impulsive moves).
Just ride the bullish or bearish impulsive move. Learn & Know the Complete Market Cycle.
buy low and sell high concept. buy at cheaper price and sell at expensive price.
Keep it simple, keep it Unique.
please keep your comments useful & respectful.
Thanks for your support....
Cnxmetals
Nifty Metal Trend AnalysisWeekly closing above trendline support with bullish RSI divergence shows bullish bias.
Potential broadening wedge pattern is more likely to form as highlighted if it sustains above trendline support on weekly timeframe.
If this plays out as expected, then the max upside should be around 7250 level (top of the wedge pattern).
Everyone is having a bearish outlook because of export duty hike on steel (15% on steel & 50% on iron ore).
If you check the fundamentals, most of the stocks have reported highest ever net profits for the last FY making these stocks highly undervalued as per their PE and BV.
If broadening wedge pattern forms and it breaks upside, then the resistance will be around 10500 level and the support will be around 3300 level if breaks downside.
Will see what plays out.
Kindly do your own due diligence before taking any action.
Peace!!
Metals looking strong here. The Above Chart is of Metal Index. Metal Index is looking the strongest amongst all the indices in the Nifty right now. Big resistance zone is 6301 and 6360 range. Currently CNZ Metals is at 6276.35. The chart is very similar to Cup and Handle breakout. Although it is not an exactly semicircular cup and handle but the results can be similar. One candle above 6360 and there can be another big, bold and strong rally in metals in the near future.
