TATA METALIKS 1HRTATA METALIKS 1HR is making a triangle pattern, breakout of that can give good targets.
Niftymetal
NMDC EW Wave Counts, Wave 4 Play with Crab Pattern confirmedStudying the EW wave with Harmonic and finding out high probable zones from from which swing high and swing low forms up has been a passion for me.
I think EW wave analysis with Harmonic M and W structure provides low risk and high probability setups. One of the advantage of this analysis is to have minimum risk as these are all leading indications of the price structure.
Coming back to NMDC See how nicely EW Wave patterns are formed in Weekly
Look at Wave 2 retracements as 0.618 of Wave 1.
Look at Wave 3 Target as precisely 2.618 of Wave 1. And in EW wave analysis, we don't not want to find a top or bottom, we want to find highly probable zones for target. So if you have bought when Wave 1 top is broken and Wave 3 is confirmed, you can then watch the reaction around 1.618 Fib extension, 2.618, 3.618 and 4.236 and so on as possible wave 3 targets. And along with that you simple determine major level which if broken, confirmed that Wave 3 is formed. But look how nicely, Wave 3 went up to 2.618 times of Wave 1.
Also see how harmonic W structure forming Crab patterns in weekly time frame started giving high probability reversal zones.
Again, in order to identify such setups, you need to do a lot of practice and train your eyes to see the possible pattern combinations. Pl read EW analysis Boon a classic ref on EW Analysis
(1) Visual Guide to EW wave analysis by Bloomberg press by Wayne Jeffrey
(2) Classic Ref on EW Wave is Elliott wave Principle : Key to Market Behavior by Frost and Prechter
And on Harmonics, Pl log in to harmonic trade website harmonictrader.com register yourself as free membership, download all the three volumes by Scott and read them, Especially Volume 3 where he talks about combining RSI structure with Patterns and see the reaction and reversals.
Also when, people says about boring theories, I disagree, they are not boring, Author of the book studied the market in depth and derived those patterns and price behaviors based on the extensive study and research on the topic.
Tata Steel Wave 5 targetsPossible targets are explained with FIB relations.
It is at Harmonic 1.618 FIB PRZ but not showing any weakness still
I still feel 1075 to 1100 is a high probable zone from where we should see profit booking.
My View on " Sail " For upcomming days Since 2010, on the monthly chart, the stock has tested a level of 100 three times. Now the stock is testing level 100 again today. If stock sustains this level, we can see the upcoming levels up to 120 and above in a couple of months.
The stock is also strong fundamentally.
1st target 110
2nd Target 120
Sl 96.50
SAIL- Channel BreakoutWill SAIL sail through?
Coming out of a channel of more than a decade. Plus Metal Super cycle. Supported by huge volumes.
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 😉
TATASTEEL Breakout TATASTEEL multiyear breakout, strong resistance near 750 level, need to be kept in focus by looking at the price action and the volume levels. levels as high as 910 developed in TATASTEEL. NIFTY METAL performing very good. STEEL companies all over the world performing well.
Go long on TATASTEEL with stop loss at 700 level, highly unlikely to be reached.
MACD crossover visible on daily chart.
Since huge buying was seen today, there might be some consolidation or selling tomorrow so keep that in mind.
RSI is in overbought zone so keep that in mind as well. But it seems to hold the overbought zone since the past few days.
Both derivatives and equity can be bought, i would recommend buying 750CE or cash equity as per risk apetite. if 750CE or futures are being bought, kindly have a serious look at the price action tomorrow as atleast some retracement of today's maribozu is possible.
Kindly let me know if any clarifications are requires, you may message me or comment on this post.
Great profit opportunity visible in the steel sector in the near future, global ques also positive.
Note
Post only for education purposes.
Hindalco: U-Turn?Price formed a double top pattern at major resistance level (on monthly charts). At retest of the support, price has formed a Gravestone Doji followed by Bearish Engulfing (on daily charts) both of which are negative signals. Since past 2 years corrections have been triggered from the month of January, again this cycle may be repeated
Long Term BuyScript giving multiple signals by not crossing crucial 38-40 RSI levels.
Option Chain 130 String Support, May Close above 130 by Expiry.
All-Time Lowest value Strong Support around 120.
Trying to Break 50 Days EMA on a regular basis.
HINDALCO , Pull Back Trade Buy Above 161 .Price Is In Demand Zone .
Swing Retraced 0.618 And Taking Support .
Buy Above 161
Sl :- 154 , 151.5
Target :- 167 , 180
HINDALCO , InsideBar , Go Short Below 146.75 Inside Bar Formation ( 4 Candle Close Under One Candle ( Doji form on 16 june )
Price Is In Supply Zone ( Tested Once )
Price Is On Resistance Zone
ADX Above 25
+DI IS Above -DI
Go Short Below 146.75
SL :- 154.6 OR FOR Aggressive ( Previous To The candle which Broke 146.75 High )
Target On Support Of Trendline
It can BREAK Trendline also So Trail Your Sl And Ride The Rally
Tata Steel bullish above 349 - Trading LevelsNSE:TATASTEEL looks bullish above 349 levels. Currently facing a head on resitance.
Any close above 349 can take it higher levels.
JSW STEEL - BTFD - Bullish above 182NSE:JSWSTEEL bullish till the time it stays above that demand zone.
Trends Suggests NMDC Could Fall 50% + Longer-TermThe weight of the evidence remains mixed and suggests that there will be winners on the long side, winners on the short side, and a lot of stocks in the middle that aren’t going anywhere. Here’s NMDC Ltd. breaking back below former support/resistance near 78 and starting to move lower again. With momentum in a bearish range and absolute and relative price action in a downtrend, we want to be short with a long-term target down near 35. This, combined with absolute and relative weakness from the Nifty Commodities and Nifty Metal Indexes continue to suggest further downside for the sectors and related stocks.
