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NBCC – WILL IT REVERSE FROM A SUPPORT ?????

nbcc

Have a look at the chart of NBCC.

we can clearly see that stock is in up move now, with the higher high’s and higher low pattern.

now it has made the “INVERTED RISING WEDGE”  pattern on chart, in which it has given a green candle on support line, so this should be consider as a support now for any up move. upper side price can try to travel till recent high also or with the new high it can try to touch the trend line too.

also look at the development of rsi, this one also taking support on trendline, and if and only if price able to catch the trend, then rsi having a bigger scope to move up.

so overall development show’s us that price is on support and hinting to reverse now, so if it able to move above 153.50 then on can buy with 144 sl target to see is 166-175 , but remember hold delivery if price able to give close above recent two days resistance of 153.5 which was shown in chart with yellow line small.

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