NHPC Crossed the parallel line. MACD going to cross the mid line , RSI positive, Stochastic is in mid level in daily chart and oversold region in weekly chart. These Indicators also helps to move further.
Target range is 28.9,29.3,29.8,30.2& 31.25.
Stoploss is 27.15
It has been observed on the daily and weekly chart that the price action breaks out from a downward trending line at support zone indicating buyers come back. Once it closes above 29 levels then it shall further race up to new high levels.
The company is also at good valuations, trading near its book value of 27. With low P/E and continues growing revenue, it is...
Is it a flag? It is very bullish overall. Standing over multi year resistance and has already corrected. So now should be the time to move. But i never trust the market. If it comes back into the channel, it shall go slowly then.
Channel and RSI Divergence are suggesting a short at current level for a target of 28.30 by providing a suitable Stop loss. However one can notice that Primary trend started on Aug 2015 is still intact and driving the prices higher so it is not for trend follower but small contra trend to add fast profit to your capital and exit.
