Tradermonk
Long

NCC gearing up for a big upside move (Buy setup)

NSE:NCC   NCC LTD
NCC             ltd seems to be gearing up for a big upside move as seen on the monthly 5 year chart.

The chart structure on log scale looks like a "V" shaped Cup n handle pattern and the neckline is around 118-119 levels. After failing to breach resistance level of 118-119 in April 2015 it underwent a correction and found support at 55 level, post which it has been making higher lows as seen on the monthly chart. In October 2017, it breached the neckline resistance and closed at 123.10 level signaling stronger momentum of Bulls.
Higher volatility is expected to be generated in this security in the coming days as the bulls and bears battle it out. Currently, the Bulls are leading.

Trading Strategy :-
Buy setup
Buy @ current level of 122-123
Target price - 150
Stop loss - 110

Reward / Risk - 2:1

Disclosure : The view expressed above is my own analysis on the stock. You are responsible for your own investment / trading decisions.
Trade active
Trade closed: stop reached
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