All mining stocks are suddenly looking bullish... NMDC forming a inv HnS, breakout above 128.
NMDC retraced almost 78% of the 3rd wave and 61.8% of the whole move from 75 to 152. The stock seems to have made a nice reversal near 102 for the beginning of wave 5. As per this Elliot count, 152 levels are quite possible in medium term. Entries -- either current price or any lower price if and when the opportunity arises. Targets -- partial profit @ 133,...
in weekly time frame, morning star is formed at the horizontal support zone which coincides with .618 retracement of prior downtrend. Also in daily time frame there is a breakout from downtrend channel with good volume, It seems trend reversal is done here and price should move from now on. here sl should be - 102 (below morning star low), 1st tgt - 131...
Looking at downside movement from current levels,NMDC can be used as swing setup if it suits with your trade plan. Again, those tools are used on different timeframe's so skewed :) Happy Trading !
NMDC is moving in round Arc and according to that from cmp 137-138 Nmdc can move big towards in a zig zag manner towards the level 188-190 in 2-3 months time. Keeping a level 131 as sl for wrong trade.
Price has been in a steady uptrend since it moved above the 200-dma few months ago. The recent bounce off the blue colored 50-dma is a bullish sign. Am bullish on this one and would not be surprised on a rally to the upper red / magenta trend channel.
Symmetric Triangle on NMDC and it may break either side. Trade: Long: Buy above - 123 Target - 125 Stop Loss - 121 Short: Short Below - 122 Target - 120 Stop Loss - 124 RR Points Ratio: Risk : Reward = 1 : 1
Price has been making progressing up, in a sequence of higher highs and higher lows in this weekly chart. Outlook looks bullish and a rally to the red line may be a reasonable expectation. Here is the Point & Figure chart. Am posting an external link as Tradingview does not support log scale Point and Figure chart. d.pr/za8B
NMDC is at hourly trendline support. Should take support here
NMDC Broke out of Weekly Cloud. Conservatives wait of minimum 3 weekly closes above the cloud. Daily chart short term (6-8) weeks buy target zone 130-135.