Positional or Long Term Opportunity in NMDC
Go Long above 147.6 for Targets of 164.4, 181.2, and 198 with SL 130.8
Reasons to go Long :
1. On a daily timeframe if we draw the Fibonacci retracement tool from recent swing low (point A) to recent swing high (point B) then we see stock took support from 0.5 Fibonacci level.
2. Also there is a strong demand zone (marked with purple color), from which the stock initially faced resistance but now is taking support and moving up.
3. Also the stock gave a trendline breakout.
Reasons to go Long :
1. On a daily timeframe if we draw the Fibonacci retracement tool from recent swing low (point A) to recent swing high (point B) then we see stock took support from 0.5 Fibonacci level.
2. Also there is a strong demand zone (marked with purple color), from which the stock initially faced resistance but now is taking support and moving up.
3. Also the stock gave a trendline breakout.
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