Sharing my multi timeframe analysis on Metal index, which I believe is a candidate for coming weeks to show some strength
On Monthly tf, it has formed inverted bullish hammer in March which is generally a sign of reversal and also looks like a higher double bottom formation near 38 to 50% fibo support zone of the swing from Covid low to Apr'22 high
On Weekly charts, Current weekly candle shows that it is a good consolidation candle and has closed above previous week's closing. This was something which Index wasn't able to do it since Jan'23 except for one instance in Feb. end. also last two weekly lows are higher then the feb lows. It is testing the counter trendline resistance multiple times and possibility of breakout post this week's consolidation are higher
On daily charts, Inverted H&S formation along with falling channel breakout visible on daily charts. If there is a upmove and it sustain above the breakout level - we may see some good upmove in metal stocks in coming days as most of them are also on oversold territory now.
On Monthly tf, it has formed inverted bullish hammer in March which is generally a sign of reversal and also looks like a higher double bottom formation near 38 to 50% fibo support zone of the swing from Covid low to Apr'22 high
On Weekly charts, Current weekly candle shows that it is a good consolidation candle and has closed above previous week's closing. This was something which Index wasn't able to do it since Jan'23 except for one instance in Feb. end. also last two weekly lows are higher then the feb lows. It is testing the counter trendline resistance multiple times and possibility of breakout post this week's consolidation are higher
On daily charts, Inverted H&S formation along with falling channel breakout visible on daily charts. If there is a upmove and it sustain above the breakout level - we may see some good upmove in metal stocks in coming days as most of them are also on oversold territory now.
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Metal index is 2.5% up in last two sessions. Did captured some moves in Hindalco, VEDL
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Metal index 8% up so far since this analysis was shared
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CNXMETAL going strong and today gave a fresh trading momentum breakout :)
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Metal index since this post :)
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