NMDC trade ideas
Positional Medium Term : NMDC - CBSL 120.9, T1 140 T2 145 T3 150* Symmetric triangle breakout
* Resistance line breakout
* Monthly closing price breakout with raising Volumes
Trading above all Important moving averages
NMDC looks to be moving down as a Zig Zag correctionIt looks like NMDC has just completed a 5 legged up move with the Wave 5 being an Ending Diagonal.
Currently it looks like the market is moving down in a Zig Zag corrective structure and can see atleast one more leg down.
It should be noted that I do not track this instrument and this is my first look at it.
NMDC ...breakout after consolidationNSE:NMDC .NMDC India's largest Iron ore producer is going to benefit from firming of Global prices. With the revision of Chinese GDP growth rate by Moody's, I expect commodity prices to hold its reins over next few months.
NMDC has formed firm base around 90-100 levels and It has consolidated over six months. It is on the verge of breakout from cloud and Momentum is visible both on weekly and daily charts. One can expect 130 levels over next few month. Keep your stop loss around 90 and trade cautiously.
Long NMDCNMDC seems to be a good long at least till the upper trendline. Following that it may make one more low, before the start of a long-term upmove.
