CNXMETAL (NIFTY-METAL)

The metal index is now falling in a-b-c like most of the moves since May 2021.
Here break of the rising channel means we go to test the previous swing low near 5268 and if that does not hold then (c) equal to (a) is at 5090 as the nesxt support level. Each set of abc can be marked as W-X-Y-X-Z.

macd in weekly is negative and down tick

MACD in daily is negative and downtick and now also below zero line

lower bollinger band is challenged by price in daily time frame

RSI in daily is downtick and below 40 levels

dmi adx is also Negative in daily time frame


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I am not sebi registered analyst
My studies are for educational purpose only
Consult your financial advisor before trading or investing
I am not responsible for your profits and losses