Downloading...
Download

Metalsector

Dr Copper is telling us deflation is comingAt the beginning of June I put out an idea about shorting Copper . The market didn't do me the favor to get up to my entry, as I ignored past resistance. Probably got a little greedy too. Currently copper is sitting at support and could bounce up to 4$, maybe even up to 4.25$. However in the long term, I see it go much much lower. In my opinion we are in a global recession, and probably even in a global depression. As interest rates and energy costs have risen rapidly, the demand for many things has gone down. We haven't seen the full effects of too much debt + lockdowns + WW3 + not enough energy production yet, but we are getting there. Copper going down is just the first step, and this could turn really really ugly. The 2006-2008 top on Copper looks pretty similar to this one. Huge rally up, consolidation, attempt to breakout, failure, massive collapse. This time around we had a shorter cycle due to the lockdowns + stimulus + low rates + ESG , but this situation is truly reversing. We have no lockdowns, no stimulus, high rates and the ESG movement is clearly losing steam. Overall volume is low and that's a sign that demand for Copper isn't all that high. It was mostly supply being low, and not demand being high. So how low could we go? The truth is that for some time this could be a bottomless pit. However, I believe the bottom will come in the 1.5-1.9 area, as the market needs to sweep the double bottom at 1.9. In terms of technical analysis this is the area anyone should be targeting. Once we get there, we could see a swift reversal as the Fed and all central banks are forced to cut rates and print money once again, in order to save the system from collapsing. They are stuck between a rock and hard place, and although they are doing their best to fight inflation now, they will soon be trying to fight deflation.
COMEX:HG1!
by BitcoinMacro
Nifty Metal Trend AnalysisWeekly closing above trendline support with bullish RSI divergence shows bullish bias. Potential broadening wedge pattern is more likely to form as highlighted if it sustains above trendline support on weekly timeframe. If this plays out as expected, then the max upside should be around 7250 level (top of the wedge pattern). Everyone is having a bearish outlook because of export duty hike on steel (15% on steel & 50% on iron ore). If you check the fundamentals, most of the stocks have reported highest ever net profits for the last FY making these stocks highly undervalued as per their PE and BV. If broadening wedge pattern forms and it breaks upside, then the resistance will be around 10500 level and the support will be around 3300 level if breaks downside. Will see what plays out. Kindly do your own due diligence before taking any action. Peace!!
NSE:CNXMETALLong
by Swastik24
JSWSTEEL getting ready for next upmove?After an extraordinary bull run from March 2020 to April 2021, JSW steel has been consolidating from the past one year. It has already given a breakout from flagpole pattern and has reached its ATH which is 776.50. RSI is looking very strong as it is above 60 in the weekly TF. Looks like a good swing as well as positional trade if it sustains above 775 . One can add on dips upto 725-730. This opinion is just based on my personal analysis and not a trading suggestion.
NSE:JSWSTEELLong
by chartistamey
Metals looking strong here. The Above Chart is of Metal Index. Metal Index is looking the strongest amongst all the indices in the Nifty right now. Big resistance zone is 6301 and 6360 range. Currently CNZ Metals is at 6276.35. The chart is very similar to Cup and Handle breakout. Although it is not an exactly semicircular cup and handle but the results can be similar. One candle above 6360 and there can be another big, bold and strong rally in metals in the near future.
NSE:CNXMETALLong
by Happy_Candles_Investment
1
TATA STEELHello and welcome to this analysis on TATASTEEL From the recent highs after a tremendous rally for around 15 months TATASTEEL reversed and has so far shown all indications of a complex corrective within a falling channel. After completing a WXY in end NOV near lower channel it bounced back to the upper end of the channel but in a corrective structure till mid JAN and then dropped sharply. Now going forward if it holds above 1085 it might once again attempt a retest of the upper end of the channel near 1225-1250 to complete an X wave and from that level it could resume the last leg Z of the complex corrective till 900. Key levels to be watched 1065 if breached now then bounce would be ruled out & 1300 which would negate the Z leg of the complex corrective.
NSE:TATASTEEL
by Dinesh_C_Nagpal
GOLD is ready for a rallyGreetings Traders, Gold has been in a continuous downtrend since June, 2021 followed by a major crash on 9th August, 2021 which pushed the gold prices to as low as ~1,680 $ to the support level of April - June, 2020 and March, 2021. But the crash was soon followed by strong buying of Gold which resulted in daily candle closure above upper demand zone, but that upward momentum was unable to break the supply zone range of 1,830$ - 1,835$ which pushed the prices downward to 1,725$ - 1,720$ Demand zone once again while forming double Bottom at Daily chart along with Bullish RSI divergence as shown above. It was also forming Expanding Falling wedge Pattern as shown below in 4hr chart: The Wave E was completed at the Demand zone, the bounce from strong Demand zone area showing Bullish RSI divergence in 4hr and 1d charts pushed the prices to upper trendline resistance of wedge at current level. Currently it is also making inverse Cup & Handle pattern on 1hr chart which is about to break upward soon as shown in the 1hr chart below: The current upward momentum and the Bullish chart patterns forming on different timeframes are indicating a strong upward movement. This momentum will act as the push needed for Gold to break its Supply Zone and Resistances allowing it to make a good upward rally in upcoming days. There is a good possibility of a new All-Time-High in upcoming Weeks / Months as well. ~Regards ~Syed Hamza
FOREXCOM:XAUUSDLong
by syedhamza2135
1
HINDZINC : In BULL RUN Currently.Strong MACD, StocRSI parameters, and the recent pullback show that if the trend continues for the short term, we can see the Scrip hitting the two target levels. The Parabolic SAR has already given a BUY signal, with all parameters in tandem we can see the same happening. More Over the Metals segment has taken a strong recovery, and more so on the backdrop of 1.3 Trillion Dollar Infrastructure Boost in US, we can see the global commodity prices pumped up. Disclaimer: The analysis is only for illustration purposes only. Please consult your financial advisor, agent, broker before acting on any information. We may or may not have positions in the stock and our actions may be contrary to the one mentioned here. This analysis may or may not be updated. We would not be responsible for the profit/loss resulting from this analysis.
NSE:HINDZINCLong
by finogent