#MaithanAlloys 958

C&H breakout on daily charts

Needs a daily close above 952 to sustain this BO

Cup depth is roughly 250 points

https://t.co/1xdN77D2vY

Trade at your own conviction!

Further to my Tweet from 2019. The Sunspot activity is projected to catch up. Read the original tweet for the context.

Image courtesy: https://t.co/AenFMQbzdL https://t.co/4gaKJP8S4G

A Tattoo has been posting selective screenshots of my Tweets to this followers to showcase how I do not know how to use RSI.

While he runs his shop showing other people down, here are the basics for the wise:

1) RSI above 70 gets into overbought zone but it's the crossover from

the 60s to the 70s that gives the maximum thrust.

2) Daily RSI gives a good thrust but that can stay short-lived. It's the weekly/monthly RSI crossover into the 70s that provides a more sustained thrust

3) During the weekly crossover, daily RSI might reach astronomical levels

Many a times into higher 80s or early 90s. So in a shorter time frame this daily RSI would try to correct but since the weekly RSI is getting stronger, these dips would be shallow and short-lived and price would try to move higher again.

You would have seen such a behaviour in Wockhardt. Price hit a 20% and then went another 10-12% higher which heated the daily RSI and the price corrected sharply on day 3.

4) But because the weekly RSI was getting a crossover into the 70s, price reversed quickly to hit 10% more.

5) Now when this weekly RSI becomes heated, that is when the price might make a medium term top. Again, if the monthly RSI too gets a crossover into the 70s then the stock can continue to perform well for a few months till the monthly RSI gets heated.

Anybody claiming that the metal rally is over is fooling himself.

Price just needs a retest of the breakout zone
RSI way too heated so needs a cool off
Some pullback/consolidation is

#Reliance 2105

Doing a triangle in Wave

#Praj 362

Looks like some more consolidation

#MaithanAlloys 846

Perfect rounding bottom!

Resistances marked on the chart all the way till ATH

Will assess fresh targets if/when ATH is taken

#MAITHANALL-1175

Upside potential 1.272% and 1.618%

Near term base Case 1028(987)

#Probability

#MaithanAlloy

@nishkumar1977 Sir it's just a Starting, if we see from Chopper View it has a long way to go.

If we consider Rounding Bottom depth for Target then upside Target comes around 3500₹.

But remember it's a monthly chart it may take few years