NMDC - trade setup

Technical analysis -

• Stock has been in a downtrend from very long time, we can clearly see series of lower highs & lower lows.
  Stock broke the neckline of previous high and did a retracement.
  Double bottom formation with clear RSI divergence is visible on daily chart. I personally prefer to upload weekly/monthly charts here in tradingview to give a broader understanding of chart pattern, but i have checked daily chart as well.
  

Trade set up -

*Go long at CMP and add more on dips. All is good until stock closes below 128 level. I am keeping few extra rs as margin of safety.

Targets are big. First potential target is 158 followed by 192. If 192 breaks then a big rounding bottom formation will happen and you can trail your sl to achieve big targets.


Good luck.