Elixir Securities Limited – Elixir Grid

Karachi, February 06, 2018 (PPI-OT): NML PA: Holding above the Long-Term Resistance

NML had been on a strong rise ever since breaking above its descending resistance at 153 last month. The price action is now holding above a long-term trend-line resistance at 164, thus indicating that further gains are on the cards.Moving forward, a break above 173 resistance would eventually lead to a revisit of former highs at 189/190 and 194 next. Sustained progression above this area would put the stock on higher climb towards 210.

On the flip side, a break below the broken resistance-turned-support at 164 could prompt further profit taking activity and correction opportunity to the levels of 158.50. Applying Fib to the recent rally indicates that this area coincides with 38.2% Fib support level (38.2% Fib of 136.10/ 173) adding more to its strength as a floor.

You May Also Like