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| 2 year view of Neyveli Lignite's stock chart |
Neyveli Lignite Daily NSE Stock Chart Technical Analysis:
Neyveli Lignite fell again today but remained sideways overall.
Close & CMP: 120.75
Market Outlook:
- An upward correction is possible soon, unless the price closes below 118.
- If it makes an upward move, there might be a chance to make short term gains by going long.
- Otherwise personally, I wouldn't be bullish on this stock as of now.
Technical Indicators:
- The market has started moving sideways since it reached its support level and the trading volume has also fallen much below average.
- The stock price is deeply oversold.
- The monthly chart is showing a tower top formation, which is a strong negative signal for Neyveli Lignite in 2011. However, both the monthly and weekly charts are showing an oversold price level in the momentum. This is a slightly confusing signal, and the real picture will only emerge in a week or two.
- Watch out for breakouts below 118, it could be dangerous.
Neyveli Lignite Daily NSE Stock Chart Technical Analysis
(analysed for M R, Puducherry)
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