Metal stocks in Portfolio? Have a quick look at the Index.
Overview of Nifty Metal Index:
After a long recent run-up as we can see on the chart, it made an Evening star pattern at an all-time high which is a bearish pattern and after consolidating for a while it has started moving down. On Friday too it made a Bearish closing and is now near its swing low. If it breaks down there is immediate earlier resistance which should work as a support to keep our position in metal sector stocks in hand, any closing below 6280 would be a sign to exit long positions.
After a long recent run-up as we can see on the chart, it made an Evening star pattern at an all-time high which is a bearish pattern and after consolidating for a while it has started moving down. On Friday too it made a Bearish closing and is now near its swing low. If it breaks down there is immediate earlier resistance which should work as a support to keep our position in metal sector stocks in hand, any closing below 6280 would be a sign to exit long positions.