NASCON: No more bearish sentiments now, just buy it

Proshare

Wednesday, June 10 2015 09.25 AM / Harish Shahi, The Analyst 

A closer look on the daily chart of
NASCON reveals that stock was falling down from N9 to N6.5 level with the formation of rounding top pattern; it took support at N6.5 level which was a strong support level so everyone was expecting the same.

From the starting of this week bulls dominating the bears and controlling the game due to which stock has reached at N6.5 to N7.75 level in just two days as bulls are rising aggressively. Short term to intermediate term trend is somewhat range bound so buy on dips should be appreciated.  Investors and traders are displaying bullish tendency towards the stock for the time being. 



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What Next?

A piercing candlestick along with two consecutive bullish marabuzo candlesticks has been posted on daily technical chart which is generating bullish signal. A bullish divergence can be seen on CCI indicator which is generating buy signal in advance.

Both RSI and CCI are generating bullish signal from negative territory.  A bullish crossover on MACD indicator is about to come which is also a bullish sign.  Intraday bias remains bullish on the stock as long as N6 level remains intact. The N9 level is key resistance level followed by N10 whereas N6.5 can be considered as key support level followed by N6 level.

Trade Idea:
Based on the charts and explanation above, traders and investors can go for a BUY at N7.75 level and book profit at N8.50 and N9.50; with the stop-loss of N6.70.

NB: Return on Investment based on trade idea above does not take cognizance of brokerage commission charges

Related NEWS

NASCON Profit-taking depresses price after 30.17% gain - Proshare


To View Technical and Interactive Chart with Indicators like MACD, RSI, Stochastic, Moving Average, Bollinger, Williams %R, MFI ... Click HERE

For further details, kindly contact analyst@proshareng.com 

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