NIFTY METALS - Pullback or Correction ?

4 апр. 2021 г.

While many TV analysts are still pretty bullish on the steel sector due to global factors on steel, I believe we could witness a small/medium correction in the days to come although the overall picture is still very bullish.

I see long Bearish Divergence. I have broken down the major divergence into smaller blocks and as seen in the chart every time a bearish divergence was formed there was a correction.

It also happens along the top border of the Parallel Channel and this time we have reached the top yet again.

There is also a possibility where the stocks in the index keep galloping this weak which would then nullify the divergence thus breaking above the channel but chances seem a lil less, let's see.