Nifty Metal – Temporary Bottom in place ?
After a long downtrend from 4300 levels, looks like Nifty Metal index CCNXMETAL has managed to get some support at least temporarily at 3320 levels.
It will be interesting to see what happens at the trendline resistance which is currently around 3700 levels.
I can see a Double Bottom here with positive divergence and also a Morning Star formation.
Good opportunity to go long on metal stocks like Tata Steel, Hindustan Zinc which are showing a similar pattern, with a small stop loss.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
It will be interesting to see what happens at the trendline resistance which is currently around 3700 levels.
I can see a Double Bottom here with positive divergence and also a Morning Star formation.
Good opportunity to go long on metal stocks like Tata Steel, Hindustan Zinc which are showing a similar pattern, with a small stop loss.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
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