CNXMETAL trade ideas
Jindal Drilling - Potential Rise - LongThe 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.
NIFTY-- METALPRICE 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.
NIFTY METAL - Just a viewKey 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 technical based pick.
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Disclaimer: I am not SEBI Registered Advisor. My posts are purely for training and educational purposes.
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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....
CNXMETAL - RESISTANCE BREAKOUT 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
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Disclaimer: I am not SEBI Registered Advisor. My posts are purely for training and educational purposes.
Reversal of Indian Metal Sector?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 - Bearish zoneNIFTY METAL - Bearish zone
1. It breaks the 1st support zone 4830 on the downside this week.
2. In a bear trap, the next support will be at 4490, and 4200 respectively.
3. Till it gets support most of the metal sector will be in a downtrend in upcoming weeks.
4. Example: TATA Steel will be on a more downtrend in upcoming weeks.
Note:
1. I’m not a SEBI Registered advisor, my research is personal and for educational purposes only.
2. Always check with your financial advisor and take the trade as per your risk/reward ratio.
3. Follow me for more patterns and like, and share so that we feel it is helpful to many and share more patterns...
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!!
