NEIMETH: Bulls are playing at the front foot

Proshare

Tuesday, July 7 2015 08.40 AM / Harish Shahi, The Analyst 

A closer look on the daily chart of
NEIMETH reveals that bulls were making successive higher highs and higher lows and spreading totally bullish sentiments everywhere. From technical prospective, we can see that the participation phase of Dow’s theory is going on where traders are participating in the game and making their money wisely.

Bulls are dominating the bears at every nook and corner, bulls were attacking from starting onwards and they are playing at their front foot but after crossing up the N1.10 level their speed has been raised. The way the bears are reacting seems that they are approaching the N2.50.


As per trading prospective, we can analyze that this is the time to buy the stock as bulls are controlling the car and one should convert every dip as a buying opportunity. Short term to intermediate trend is up and stock is trading above all major and minor EMA lines. So, we are keeping our view bullish on the stock. Investors and traders are displaying bullish tendency towards the stock for the time being. 



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What Next?
A bullish marabuzo candlestick along with dragonfly doji candlesticks have been posted on the daily technical chart which is generating further bullish signal. Both RSI and CCI are providing further bullish signal from positive territory.  Intraday bias remains bullish on the stock as long as N1 level remains intact. The N1.50 level is key resistance level followed by N2.00 whereas N1.00 can be considered as key support level followed by N0.80 level.

Trade Idea:
Based on the charts and explanation above, traders and investors can buy at N1.34 level for the target of N1.80 and N2.10 level with stop loss of N1.10 level.  The tentative time frame would be 8-10 days.

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


Related NEWS
NEIMETH Bulls are displaying full aggression- Proshare

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For further details, kindly contact 
analyst@proshareng.com 

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