NMDC LTDThis stock is looking good at current levels and more above 156, it has started wave 5, once wave 5 unfolds we can see 200+ levels.
One can go long with mentioned key levels in chart.
Once it closes above 156 then boom
Breakout with good intensity of volume
Key levels are mentioned in chart
Wave Structure could be like this
Macd in weekly is turned uptick
Macd in daily positive crossover and Uptick
Rsi in daily uptick and near 60
Disclaimer
I am not sebi registered analyst
My studies are Educational purpose only
Consult with your Financial advisor before trading or investing
NMDC trade ideas
Short - With RR of 1:3Go short at these level as it will provide a good place. check with the index is going along with this trend.
NOTE: You should not engage in trading unless you fully understand the nature of the transactions you are entering into and the extent of your exposure to loss. If you do not fully understand these risks you must seek independent advice from your financial advisor. All trading strategies are used at your own risk.
NMDC Short Term Breakout TradeThe stock has broken out and took support at the previously upper trendline. Trade is supported by brokerage calls and Supports Nearby.
The stock has previously broken out with good volumes and retested the upper trendline, the point of entry.
Risk Reward Ratio - 1.5:1
SL is placed below multiple major support zones and previously upper & lower Trendlines. Target is placed near the all-time high based on fundamentals.
Note: Earnings will be disclosed during the trade duration. If results are not up to expectations or the trendline and 200 EMA are broken after results, it may be a better option to exit.
NMDC Sliding DownSETUP
NMDC has been trending up for most of 2021 up from 110 to 213
Over the last 3 months NMDC has lost the momentum and has broken below the trend line support.
Currently NMDC is trading at 152 just above its flat 200EMA acting as support.
We are seeing a bearish step up as NMDC continues to form lower pivot lows (165 to 186 to 145 to 158)
TARGET
Keep an eye on 145 - 148 levels to short NMDC for a target of 110.
110 represents the next support area as well as 1.618 extension of the first swing low from the top.
STOP LEVEL
162 is a good stop loss level for the trade.
All the levels mentioned are spot/cash.