themoneypenny

NMDC - Multiple CONFIRMATIONS

Long
NSE:NMDC   NMDC LTD
NMDC Current STRUCTURE- Rounding Bottom Breakout + RETEST
MULTIPLE CONFIRMATIONS :-

* Volume Expansion - Volumes since the last three months have been huge and continuously expanding
* RSI bullish Divergence- NMDC is forming flat bottoms whereas RSI is forming Lower Highs which is contradicting hence we listen to what RSI is doing and this is an early signal of a reversal that can be expected really soon!
* At The Golden Fib Zone b/w 0.618 & 0.5- We plot Fibonacci retracement and we see it is currently at a golden zone between 0.618 and 0.5 fib levels. We can take an entry when 0.5 gets broken by bullish candle or above 158
* Bullish Engulfing- At the second flat bottom it formed a bearish candle followed by a big bullish candle which indicates the previous candle was engulfed completely and hence it is a reversal candlestick pattern!
Comment your views/queries and thanks for reading!
HAPPY TRADING :)
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.