Technical Outlook & Trading Strategy:-
The price of National Fertilizer pulled back towards its neckline support level of Rs 83--Rs 84 levels after giving an inverted head & shoulders breakout during on monthly chart.
The pullback witnessed during the previous week was also on the back of declining volumes which is a clear sign that the price of National Fertilizer can take support at these levels.
The momentum indicators are also in buy mode. We recommend traders to buy 50% above Rs 90 and again in the range of Rs 87.5 – Rs 88 levels with a stop loss placed below Rs 83.8 levels for targets of Rs 96 – Rs 100 levels.
No comments:
Post a Comment