NIFTY METALS - Pullback or Correction ?
While many TV analysts are still pretty bullish on the steel sector due to global factors on steel, I believe we could witness a small/medium correction in the days to come although the overall picture is still very bullish.
I see long Bearish Divergence. I have broken down the major divergence into smaller blocks and as seen in the chart every time a bearish divergence was formed there was a correction.
It also happens along the top border of the Parallel Channel and this time we have reached the top yet again.
There is also a possibility where the stocks in the index keep galloping this weak which would then nullify the divergence thus breaking above the channel but chances seem a lil less, let's see.
I see long Bearish Divergence. I have broken down the major divergence into smaller blocks and as seen in the chart every time a bearish divergence was formed there was a correction.
It also happens along the top border of the Parallel Channel and this time we have reached the top yet again.
There is also a possibility where the stocks in the index keep galloping this weak which would then nullify the divergence thus breaking above the channel but chances seem a lil less, let's see.
*DISCLAIMER*
For educational purposes only. Not a recommendation.
Treat StopLoss as your best friend to get you out of troubles.
For educational purposes only. Not a recommendation.
Treat StopLoss as your best friend to get you out of troubles.
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