Munchkunster

#NMDC .. Add to watchlist..can be huge opportunity

NSE:NMDC   NMDC LTD
Stock Analysis on request from a follower ..

The stock price is hitting 11 year old resistances .. The overall chart structure is very bullish you can see the huge momentum through the steep angle of the move that is also supported by the rising volumes

The Volumes suggest a move up as well.. However, there has been huge rejection on these levels before so wouldn't recommend taking a trade now..

To trade NMDC .. Buy after daily candle closes above 197.. That would mean a BO from the descending Triangle and 11 year old resistance..That would be a huge bullish sign..

To ensure it is not a fakeout Breakout check the hourly charts to see if the support is properly tested...

My targets for mid term would be 300-305, 330
Comment: The price has been rejected by resistance and there is a downward breakout from the triangle structure...There is heavy profit booking and probability is high that price would move further down. It is a good time to sell

Comments

I hope today the stock may fall.
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Munchkunster pravinkrishna1996
@pravinkrishna1996, If the stock falls any further today..then the price will close below the descending triangle structure as well as the green trend line and that would also indicate rejection by the red resistance band .. If you are into shorting..that would be a sign to open a short position

So it would be a bearish sign and the stock may fall lower and consolidate at lower prices before moving up again..
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pravinkrishna1996 Munchkunster
@Munchkunster, where do you getting information? Books or videos. If yes, suggest me. So that I can do something
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Munchkunster pravinkrishna1996
@pravinkrishna1996, This is my own research and prediction based on charts and TA.

If you mean books on Technical Analysis, there are several. Charting and TA by Fred McAllen is a good starting point.
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Thanks a Lot
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Munchkunster ankitcagarg8888
@ankitcagarg8888, you are welcome..
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Munchkunster ankitcagarg8888
@ankitcagarg8888, If you own a position already..a close below 170 would suggest downmove..at least in the short term..
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SHRAVAN9051 Munchkunster
@Munchkunster, hello i can buy 190 ce at 3.20 wahts suggest plx exit ya hold
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Munchkunster SHRAVAN9051
@SHRAVAN9051, Sorry Bro.. Did not understand what you mean?
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