Can this double bottom considered as a monthly retracement or a signal for its uptrend in monthly time frame lets see what it does.
there are more chances for formation of double top near the strong zone which may lead to range bound market
Some are fond of Tea and Keep Looking for Cup with Handle...
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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
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.