NBCC broke out of a 1+ year parallel channel, this could be very bullish. But while breaking out of the channel, it also formed a rising wedge(Bearish). So, nbcc could be bearish short term, but bullish long term.
After huge fall from 52 weeks high stock is taking good support around 50 zone and trendline breakout along with increase in volumes , RSI positive divergance shows good buying interest at lower levels. The Next important support is aroung 46. one colud go long at CMP or on deeps til 50 keeping stpoloss of 46.
1) Completion of elliot wave
2) Strong Volume near last wave
3) Break of trendline
4) Company performance has been strong with good order inflow -- co got derated due to lag in revenue booking and increase in cost of capital
the chart structure suggest something positive in the company on the way , if am able to read it right 80 is not a surprising task for the stock in next 7 sessions ...
Retraced Median of 0.618 & 0.786.
Hit Upper band of "21 bar" parallel channel.
Probable Flag Breakout.
FLAG Length: In Value term:: Target @ 85.25, In % Term: Target @ 87.00.
Point to Notice: Decline ENDS in 21 Bar. "No. - 21" is a Fibonacci No.
...... Tgts as Fib Levels mentioned on Chart.
For "T+2 Tgts", "T+7 Tgts" & others on query.
Education purpose only.
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NSE:NBCC
