Natco pharma is in a consolidation mode for quite a long time.
- The williams vix-fix suggests the bottom is made and vix is easing, indicating consolidation/moving up.
- The trend indicator, slowly bullishness is emerging. So closing above 200 DMA (790 level) will be bullish. It could test 840s if 790 is broken out. Monday is result day.
Natco Pharma has tested the support level of 790-800 and now managed to break resistance of 830
Close above 832 will take it to 850 and 900 levels quickly
Overall Pharma sector is looking very bullish that would also support the idea
Please follow the Fib levels for Support & Resistance and trade accordingly
Last week it has formed Hammer pattern, currently the stock price has sharp up move after that hammer pattern.
It appears to be reversal pattern.
CMP is near breakout area if you see the white line on the chart which indicates that breakout can be expected next week.
Price is holding 100 period EMA.
14 Period RSI is also facing up above 50 levels.
I might ...
this stock is good condition then it's peers..
Natco is facing lot,s of Resistance and support as you can see on chart..
if you have already this stock.. hold this ...with a stoploss of 690.
And if you want to make a fresh position .. wait for the confirmation of ascending triangle pattern ( upside or downside we can find after confirmation ) .
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