Sunday, August 19, 2018

Metal index wave analysis

The metal index is continuing its upward journey 
The price has still got distance to travel.
 
The index can target 3600 in any case.The index can fall after 3600
if its x wave.We can confirm it later as of now the index has potential to target 3600.Individual metal stocks like hindalco jindal steel have chart structure quite similar to metal index .overall it looks still steam left in metals to go further up.

Midcap index wave analysis

Midcap index has not performed well this year.
Nifty has crossed all time high multiple times 
but midcap index has not even touched previou
highs yet.
Midcap index has grossly underperformed nifty 
for now.Lets see the wave pattern of midcap index .

Midcap index had made a high of 21840 and made a low of 17700 .A 19% correction from top.Friday it closed at 19443 so it has recovered back. Wavewise this has done abc with clear internal waves.
Its near to 200dma ie 19528 ,Which should act as resistance a close above this can further propel index towards 20350. Index is trading above slanting channel trendline a retest of this trendline can give confidence to this rally spreading further,Lets see how midcap index moves in coming weeks .Keep laggard midcaps on radar if the resistance is crossed they can run up.

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