NITCO LTD | Monthly Chart Analysis📊 NITCO LTD (NSE:NITCO) | Monthly Chart Analysis
📅 Date: June 1, 2025
📈 CMP: ₹137.28 (+6.02%)
📌 Ticker: NSE:NITCO
📉 Chart Pattern Insight
🏆 Massive Cup and Handle Breakout Formation (18-Year Base)
NITCO is breaking out of a textbook multi-decade Cup and Handle pattern, forming over 17+ years. This type of structural breakout on a monthly timeframe is rare and typically leads to multi-fold rallies.
💥 The breakout zone lies around ₹130.03 – previously a strong resistance from 2007, 2017, and now being tested again with a strong monthly close above it.
📊 Indicator: RSI + Moving Average Cross (Icon shown)
🔎 RSI (Relative Strength Index): Currently at 74.53, signaling strong bullish momentum
📈 RSI has also crossed above its moving average, and the "Bear" label in the past has flipped, suggesting a shift in long-term trend direction.
🔑 Key Levels
🔸 Breakout Zone: ₹130.03 (now acting as support)
🎯 Target Zones (based on Fibonacci & historical zones):
₹180
₹250
₹320+
🛡️ Stop Loss (Monthly Close Below): ₹120
💡 Trading Strategy
Entry: On successful retest and hold above ₹130
SL: ₹120 (monthly candle close basis)
Target: Positional hold for ₹180–₹320+
Time Frame: Long-term multi-month to multi-year potential
⚠️ Disclaimer
This is for educational purposes only. Please do your own research or consult a registered advisor before taking positions.
