NA­TIONAL ALU­MINIUM

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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.

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