NBCC forming Cup and Handle on weekly chart 31/07/23.
NBCC is forming a Cup and handle pattern on the weekly charts and has closed above both the moving average.
It has closed near the resistance zone and on the daily charts, has taken support form the 200 ema and closed above both the moving averages.
61.8% fibonacci levels also coincide with the resistance area and if the zone is cleared there are chances of stock giving 15-25% return in 3-4 months span.
Daily charts is showing some rejection from the resistance zone as there are couple of long wick rejection from the levels.
If stock starts trading above the resistance zone or 43.80 levels, bullish positions can be created in the stock option and stock can also be bought for short term to long term investors.
Entry levels :- Above 43.8
Target :- 49.5, 53.5
Stop loss :- 42.3
The stock is trading around good buying levels and can be purchased for long term view also.
Wait for the price action near the levels before entering the trade.
It has closed near the resistance zone and on the daily charts, has taken support form the 200 ema and closed above both the moving averages.
61.8% fibonacci levels also coincide with the resistance area and if the zone is cleared there are chances of stock giving 15-25% return in 3-4 months span.
Daily charts is showing some rejection from the resistance zone as there are couple of long wick rejection from the levels.
If stock starts trading above the resistance zone or 43.80 levels, bullish positions can be created in the stock option and stock can also be bought for short term to long term investors.
Entry levels :- Above 43.8
Target :- 49.5, 53.5
Stop loss :- 42.3
The stock is trading around good buying levels and can be purchased for long term view also.
Wait for the price action near the levels before entering the trade.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.