Nifty Metal : detailed price analysis

CNXMETAL

Price spread analysis of metals index:

1)very wide spread bearish candle, but no downside follow through

2) weak upmove, range of candles on upside very low, took 4 weeks time to reach 5900 level, where it took just 1 week to fall

3) again a very wide spread bearish candle, limited downside implications

4) ease of movement still on downside, yet sellers fail to take out previous swing lows

5) one more attempt by sellers, but narrower spread, first signs of selling pressure reducing, no signs of demand yet

6) still a weak upmove, range expansion not happening on upside

7)last attempt at selling, but range is now significantly lower than previous red candles

8) first evidence of strong buyers coming in the market, range expansion on upside, took out previous swing high

9) 4 long tail candles forming in same region, clear accumulation was going on at lower levels

10) upmove may not be smooth, but odds are high that metals will head higher