CNXMETAL trade ideas
CNXMETAL 1W: A Strong sector - Boiled for giving fresh BO.CNXMETAL 1W: This is a sector which remained sideways during recent market correction and in return formed a flag pattern. It is also in Wave 5. Appears RSI has given BO before price and MACD is ready for +Ve crossover. ADX is indicating trend is strong. Hence, this sector has steam to post another 10-15% upside in coming few days. Accumulate on all dips to maximise gains.
CNXMETALMetal index is showing good moves after budget along with Elliot wave counts. Possibly wave i & ii of 5 is completed, and possibly wave III of 5th is started.
Wave Structure could be like this
Macd in daily
Macd in hourly
Rsi in hourly
Bollinger band challenged in hourly
Dmi adx also positive
Disclaimer
I am not sebi registered analyst
My studies are Educational purpose only
Please consult your Financial advisor before trading or investing
Nifty Metal 1DNifty metal is going to give a breakout can't say a postive or negative one.
it is standing on a long trend line if this line is broken to a negative side the we can se a big downfall in the metal stocks.
Disclaimer : This analysis is for personal improvement make sure to analyse the stock at your personal levels before investing
as this analysis is not an advice to buy or sell any stock.
Why you shouldn't invest in metal stock post budgetDon't get easily fooled by the positive news for metal stocks post budget, here is the weekly chart of Nifty metal! Sideways action since the initiation of the index! Now if you are good at catching tops n and bottoms of the market you can go ahead and trade it, but even Hedge fund managers have a tough time doing this so good luck 😉
