On 16th Oct., NMDC closed above the monthly trend line tested 105.50 as shown in the daily chart. After a brief downward movement, it has resumed the upward movement towards resistance of 105.5 level. In past two sessions, NMDC has shown resilience despite the broader market was negative. Monthly and weekly closes have to be watched today.
Following is the levels and trends are still valid.
Monthly trend [T1]: DOWN
Weekly/Daily trend [T2]: UP (not shown in charts)
Weekly supply zone [R1]: 102.2 ~ 105.1
Daily supply zone [R2]: 102.90 ~ 105.1 - inside R1
Disclosure: I am holding shares of NMDC. The chart above is created using http://in.investing.com/.
Disclaimer: The views presented on desiBULLZ are my personal views. The analysis is my study of technical analysis and for educational purpose only. The views and analysis are not trading tips and should not be used for trading. The financial gain/loss arising by using the views/analysis is the personal responsibility of stock trader/investor.