NMDC - Swing Short

Dec 30, 2024

NMDC broke down from the consolidation cluster around 200 DEMA and also 6 month support zone at election results day low (4th June). Extremely bearish daily momentum, relative strength deterioration and sectoral weakness are additional supporting factors for a short trade towards Fib support at 57.83.

Jan 4

Trade active

Set up review: Short trade set up intact. Low volume weak pullback to support turned resistance zone.

Jan 12

Note

Set up review: SHORT trade set up intact. Stock trending cleanly on the downside.

Metals as sector is attempting breakdown of 8 month range. Need to watch out for follow through or reversal which might affect this trade set up.

Jan 19

Note

Week (13th Jan to 17th Jan) : Reached low of 59.7 and bounced strongly back. Metal sector as a whole also bounced back strongly. NMDC is at testing 20 DEMA from below. Price action here would determine future course.