CNX MIDCAP IS NOW FINDING RESISTANCE AROUND ITS UPTREND LINE i.e. AROUND 8050 LEVELS. CONSECUTIVE WEEKLY CLOSES ABOVE 8050 MARK WILL ADD GREAT FIRE AND THE INDEX SEEMS TO BE SET TO KISS 8800 MARK IN A MEDIUM SHORT TERM.
Sunday, 12 May 2013
Saturday, 4 May 2013
CNX METAL 4513
METAL STOCK DIDN'T PARTICIPATE IN THE RECENT RALLY AND SO FAR THEY HAVE UNDER PERFORMED THE BROADER MARKETS. HOWEVER DURING RECENT PAST METAL INDEX FOUND GOOD SUPPORT IN 2110 ZONE AND WITNESSED BOUNCE BACK FROM THE SAID LEVEL. A MODERATE BULLISH CANDLE FOLLOWED BY COUPLE OF DOJIs AROUND SUPPORT AREA INDICATE A POSSIBILITY OF BOUNCE BACK. WITH OTHER INDICATORS TOO LOOKING POSITIVE WE EXPECT METAL INDEX MAY SHOW STRENGTH IN COMING WEEK AND METAL STOCKS MAY SHINE. MINOR HURDLE AROUND 2265 AREA WHICH ONCE CROSSED ON A CLOSING BASIS, THE PROBABILITY OF THE INDEX KISSING 2370-2400 MARK IN A NEAR FUTURE CANT BE RULED OUT.
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