NMDC is trading in a Symmetrical triangle channel on monthly charts. Hence dont get stuck at top resistance of the channel.
On upper side channel breakout - target is 170+
On lower side channel breakout - target is 60-70
Note- Wait for Monthly candle to close above the resistance channel. Else may get stuck in false breakout.
On upper side channel breakout - target is 170+
On lower side channel breakout - target is 60-70
Note- Wait for Monthly candle to close above the resistance channel. Else may get stuck in false breakout.
Comment:
current candle top resistance is 122.70
Comment:
multiple positive indicators coming out on NMDC
1. Forming Inverted Head and shoulder pattern on Monthly and weekly chart. The formation is not yet completed.
2. The golden crossover 20/50 moving average completed on weekly charts.
3. 20/100 moving average crossover in progress on monthly charts
4. Long term Trendline breakout is already awaited on all charts.
Take decision as per your understanding.
1. Forming Inverted Head and shoulder pattern on Monthly and weekly chart. The formation is not yet completed.
2. The golden crossover 20/50 moving average completed on weekly charts.
3. 20/100 moving average crossover in progress on monthly charts
4. Long term Trendline breakout is already awaited on all charts.
Take decision as per your understanding.
Trade active:
Monthly breakout confirmed.
Now after one retracement it will rise to new highs in next year or two. Enjoy trading
Now after one retracement it will rise to new highs in next year or two. Enjoy trading
Trade closed: target reached:
It reached target of 170... and more faster than expected and made lot of money. Happy trading