Disclaimer: This is for demonstration and educational purposes only. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before making any trade.
At the end of the previous session NATIONAL ALUMINIUM (Nalco) the close price was 94.75 ,At the final hours the stock had the buying pressure. May be the next trading session the stock can close@98 and above . This depends on Nifty 50 and Nifty metal indices . This is just for learning purpose . If you take trade according to this analysis , it will be on your own risk .
National Aluminium is already in a strong uptrend.
Reason behind the swing:
1. Taking a support over the drawn trendline.
2. Morning star is made on the trendline support.
3. 55 EMA support.
4. Earnings announced are also good.
Entry will be when it gives a closing >=104 , as it may took a resistance from the zone of 102-104.
Entry : when closed above...
NSE:NATIONALUM
I am posting as one of the follower requested for it.
This is positional trade setup only.
Observations:
1) On Daily time frame, we can see that it faced resistance from 21DMA but closed above 10DMA. It is now in between 21DMA and 10DMA.
21DMA is immediate resistance and 10DMA is immediate support.
We can see that the critical level is 100....
National Aluminium formed expanding triangle Pattern. where I can see an opportunity to do a Long swing trade.
Please check the chart for details. Mentioned clearly about the support and resistance points (if applicable).
Chances for Long is high and short is low in my opinion.
I am learning as well. so please analyse the chart by yourselves before taking any...
Hello guys back with nalco update:
so as we can see that we have been on correction on nalco for 2days know and i think it might correct little bit more from here and touch the daily trend line which 100-102 as i see and their is also my fib level so i will be looking for buy at 99-100 on nalco with target of 110, 113, 118 .
