CNX AUTO INDEX POSTED LOWER HIGH BUT STOCHASTIC FORMED A HIGHER HIGH. TECHNICALLY IT IS CALLED BULL SET UP. EARLIER WE HAD DISCUSSED THE SAME IN CASE OF CAIRN INDIA AND IT SUCCESSFULLY DELIVERED. AGAIN BULL SET UP IS CLEARLY VISIBLE IN CNX AUTO CASE. THE INDEX WITNESSED A DECLINE AFTER BULL SET UP AND TESTED SUPPORT AREA AROUND 4500 LEVEL. NOW THE INDEX FORMED A DOJI. SO WE EXPECT TREND REVERSAL IN AUTO INDEX AND THE INDEX MAY COMMENCE ITS SHORT TERM UPTREND. THE POST IS FOR STUDY PURPOSE ALTERNATIVELY TRADERS CAN TAKE POSITIONS IN SELECT AUTO STOCKS TO CATCH THE MOMENTUM.
No comments:
Post a Comment