Niftycommodities
Big Level For Nifty Commodities IndexThe weight of the evidence remains mixed and suggests that there will be winners on the long side, winners on the short side, and a lot of stocks in the middle that aren’t going anywhere. Nifty Commodities remain below the 38.2% Fibonacci Retracement of its 2020 decline at 2,635. With momentum in a bearish range and stuck below this level, then it makes sense to be erring on the short side and looking for a move back towards the lows near 2,075.
Trends Suggests NMDC Could Fall 50% + Longer-TermThe weight of the evidence remains mixed and suggests that there will be winners on the long side, winners on the short side, and a lot of stocks in the middle that aren’t going anywhere. Here’s NMDC Ltd. breaking back below former support/resistance near 78 and starting to move lower again. With momentum in a bearish range and absolute and relative price action in a downtrend, we want to be short with a long-term target down near 35. This, combined with absolute and relative weakness from the Nifty Commodities and Nifty Metal Indexes continue to suggest further downside for the sectors and related stocks.
