NATIONALUM | Multiyear BO | 16-years BO | Monthly Chart
Chart analysis:
Pattern: Basing pattern is formed. Consolidation might happen near breakout zone after a big rally.
Breakout: Basing pattern is broke the All Time High (ATH) price after 16 years.
Volume: Volume action is clearly visible near breakout zone.
Trade setup:
Entry price: Close of 148.40 price break candle.
Stop loss: Below Low of price breaking candle or previous candle.
Target 1: 226.35
Target 2: 257.5
Disclaimer:- Please always do your own analysis or consult with your financial advisor before taking any kind of trades
Pattern: Basing pattern is formed. Consolidation might happen near breakout zone after a big rally.
Breakout: Basing pattern is broke the All Time High (ATH) price after 16 years.
Volume: Volume action is clearly visible near breakout zone.
Trade setup:
Entry price: Close of 148.40 price break candle.
Stop loss: Below Low of price breaking candle or previous candle.
Target 1: 226.35
Target 2: 257.5
Disclaimer:- Please always do your own analysis or consult with your financial advisor before taking any kind of trades
Comment:
The daily target is reached today i.e., 159.4 as mentioned in previous comment.
1. The price is above 21 EMA (short term trend), 50 EMA (medium term trend) and 200 EMA (long term trend) indicating a strong uptrend.
2. Using Fibonacci retracement tool, the price reached 0.786 level and expecting to reach price 159.4.