NTPC (Will the stock finally give up on going up ?)NTPC has been forming a triangle more of its been respecting 2 trend lines as shown in the chart. Any breach of the same should give a good momentum move.
Prices have been testing a very crucial zone and a continuous weak momentum can be bad for the stock. However any breach to the upside from a consolidation at such a level can take the price to higher levels. We have seen how over the previous day it has made a very compact channel. People looking to trade intraday can look to trade the breach of the same as well.
We need to keep in mind that volatility has been growing in for a while now and movements can be wild. As of today morning there was news of Donald Trump and the First Lady being tested positive for Corona Virus which caused the US Futures to tumble upto 1.5% and SGX Nifty followed suit. With fast approaching US election Volatility is not going to be subdued and is going to constantly cause wild movements.
I would suggest having strict stop loss and avoiding carry forward of positions without a hedge as it can wash out a traders capital in a day.
Trade with Caution.
