What’s your technical opinion on National Aluminium for the long term, Can I enter at the current price?
- Ravichandran K
BUY ABOVE RS 78 ON A CLOSING BASIS
National Aluminium Co is currently trading at Rs 66.80. Its 52-week high/low stand at Rs 90.10/Rs 56.55 made on April 19, 2018 and July 16, 2018 respectively. In the current year, the stock is trading in a contracting range, which looks like a contracting triangle on the weekly scale. The stock had witnessed correction from its downward sloping trendline resistance zone on the weekly scale. Considering the daily time frame, the stock is currently trading below the long term 200-day EMA. The MACD was in the negative territory. The stock has two important hurdles to cross for long term upside. One is the downward slopping trendline resistance and the other is the 200-day EMA. Above these hurdles, new uptrend will begin, Hence, we suggest you to buy only above Rs 78 on a closing basis.