A mega project was awarded to State-owned construction firm NBCC Ltd worth Rs 3,200 crore project from the union finance ministry to develop a residential-cum-office complex in Mumbai.The prices had been showing some promise for the past few days but were curbed by the median line. However the strong breakout above the median line does spell well for the...
In weekly, price touched ascending channel resistance line, now it is moving down.
In daily, ascending wedge formed, support broken, now retesting the broken support.
Also BB shows the reversal in the trend.
Price can slide down to 180-170 range.
Stock took support at cluster of 61.8 % fibo level and Lower wedge line.
Now above 196 stock may test upper wedge level of 208 and may give
break out from Wedge pattern for high level
A classic ABCD Harmonic Pattern. NBCC has taken a good support off its 61.8% retracement level and has resumed its journey. Solid movement should come once 205 is crossed on closing basis. SL of 194.5 on closing basis
NBCC after breaking out of the resistance and range of 255 to 265 ic correcting back to test the breakout.
The 20 day EMA is coinciding with the breakout level of around 265 suggesting a good chance of the breakout to hold. The stock has respected the 20 day EMA in recent past. So it looks a good level to take positions with a SL of around 255 levels for a retest...
