NMDC closed above the monthly trend line and is in the weekly and daily supply zones R1 & R2. Following is the levels and trends.
Monthly trend [T1]: DOWN
Weekly/Daily trend [T2]: UP (changed from the previous post)
Weekly supply zone [R1]: 102.2 ~ 105.1
Daily supply zone [R2]: 102.90 ~ 105.1 - inside R1
There is double bottom pattern formation is in progress. However, the pattern is not complete yet. It completes once the price moves past the highest price of the peak which is around 105.1. The double bottom is bullish reversal pattern and 140 is the target. But there are resistances/supply zone in between.
If the supply zones R1 & R2 are taken out decisively, it opens a possibility of targets 112 & then 123. On the reverse, it may test the weekly/daily trend line T2. Conservative traders can book the profit and wait for next entry opportunity.
Disclosure: I am holding shares of NMDC. The chart above is created using tradingview.
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.