We’ve got another new set of Monthly Candlesticks and we’re sharing a few of the best ones ahead of our Members-Only Monthly Strategy Session on Thursday.
Let’s take a look at what the longer-term trends are saying.
First, we’ve got the Nifty Small-Cap 100, which broke above resistance at 6,000 and closed near the highs of the month. The sector rotation and improving breadth continues to support Equities as an asset class.
Click on the chart to enlarge view.
HDFC Bank, the largest stock in the largest sector of the market, went out at new all-time highs and closed near the highs of the month. Hard to be bearish HDFC Bank, Financials, or the broader market if it’s above 1,285.
Realty has been a mixed group, but that’s not stopping Godrej Properties from making new all-time monthly closing highs. If prices are above 1,100, the next stop appears to be 1,715.
Copper is resolving its consolidation to the upside and closed at the highs of the month. Prices are at our first price objective of 577, but the momentum remains to the upside and if prices are above their structural breakout level of 465 then the bias remains to the upside. Longer-term we’re looking for a move up towards 755.
Last on our list is Crude Oil, which engulfed the last 5 months worth of price action and closed near the highs of the month. There’s been a positive bias in Crude since it reclaimed support near 1,900, but November’s action shows that near-term momentum is back and that we should see follow-through in December.
We’ll be talking about more of the strongest trends and how we’re taking advantage of them with members in a live Monthly Strategy Session on Thursday, December 3rd, at 7 pm IST.
In the meantime, Premium Members can check out the fully updated Monthly Candlestick Chartbook and email us with any questions.
If you’re not a premium member yet and want to join us for Thursday’s Strategy Session, start a 30-day risk-free trial. Or sign up for our “Free Chart of the Week” to receive more free research like this.
As always, thanks for reading and please let us know if you have any questions!