CNX METAL INDEX
- CNX METAL INDEX is facing strong 38.2% fibonacci retracement support at current levels, close watch chart indicates weakness expecting once index closes and stays below 3104, as long as index holds above it will favor bulls.
- Intraday close watch once Metal Index starts trading below 3104, if stays below then intraday bears action is expecting in Metal Index.
- Suggested Reading - CNX AUTO INDEX moving up from trend line and moving average support.
- Graph no 2 indicates that Metal Index moving below 50 days moving average, as long as it trades below it will favor bears. Technical also indicates that Index is moving in a down channel pattern , if index falls from current levels then will find trend line support around 3000. Close Watch.
- Metal Index major trend indicator MACD is also moving in negative zone and as now gone below level 0 this indicates weak trend for Metal Index, and if index breaks its down channel support of 3000 then it will fall further, then Index will find support around 2950 its major trend line support as shown in graph no 3.
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