NMDC ...breakout after consolidation

18 thg 8, 2016

NMDC .NMDC India's largest Iron ore producer is going to benefit from firming of Global prices. With the revision of Chinese GDP growth rate by Moody's, I expect commodity prices to hold its reins over next few months.
NMDC has formed firm base around 90-100 levels and It has consolidated over six months. It is on the verge of breakout from cloud and Momentum is visible both on weekly and daily charts. One can expect 130 levels over next few month. Keep your stop loss around 90 and trade cautiously.