NMDC Harmonic & downtrend Potential Breakout

Tron029 Pro+ Updated   
The idea here is about NMDC:

NMDC Limited (NMDC) is an India-based iron ore producer and exporter. The Company operates in two business segments: iron ore and other minerals and services. The Company is engaged in the exploration of a range of minerals including iron ore, copper , rock phosphate, lime stone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite , and beach sands .

My view is very bullish for the below observed technical factors & News.

NEWS: MCA (Ministry Of Corporate Affairs) has approved the demerger of NMDC steel from NMDC with ratio of 1:1. Do your own research for more information.

Points as per TA on a Weekly & daily Chart:

1. Currently under downtrend & support has been re established @ 129.00 on a weekly chart as per below:

2. Gartley Harmonic Pattern completed with confirmed entry & target 1 completed at the time of publishing on a weekly chart as per below:

3. Bearish Nen Star Harmonic CD leg under progress on a weekly chart as per below:

4. Trading way above 20 & 200 EMA on a weekly chart & 20 EMA cross over expected soon.

5. Trading above 20 & below 200 EMA on daily chart .

6. Bullish flag pattern on weekly chart observed as per below:

7. Multiple divergence confirmed in the same direction on weekly chart as per below:

8. Ichimoku Cloud analysis: Kumo Breakout & Kumo Twist on a daily is neutral, weekly is strong downtrend & monthly chart is consolidating at the time of publishing.

9. RSI is at 51.46 on a weekly Chart and 53.56 on daily chart at the time of publishing.

10. MACD above signal line on weekly & below signal line on daily chart .

11. Hull Moving average on daily & weekly is a sell and other moving averages on a daily,weekly & monthly chart is a buy.

12. ADX ( Average directional index ) trend strength is at 20.53 on a weekly, which indicates a absent or weak trend ( ADX between 0-25 is a Absent or weak trend) and 25.32 on a daily chart .

Projected Target with %: Provided in the chart as per Gartley & Bearish Nen Star harmonic pattern .

Stop Loss: Provided in the chart as per Gartley .

Note : Any further dip can be considered to accumulate & Average it down.

Disclaimer: “The above is an Educational idea only and not any kind of financial or investment advice. So please do your own DD (Due Diligence) before any kind of investment”.

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Trade closed: stop reached


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