NHPC update. cmp 37 (for ease of viewing patterns described below, line chart has been posted)
Stock price broke out above previous all time high of 36.60 posted back in 2009 and recently went on to post a fresh all time high of 40.40 in August 2022. Since then it has corrected and has been testing the previous ATH region of 36.60 ( plus or minus rupee)
The chart posted below shows very good consolidation between price of 27.50 to 32.50 from August 2021 to April 2022, nearly 8 months (marked in dotted blue lines). In overall medium to long term time frame this zone qualifies as tight consolidation within a 6 rupee price band. Post this consolidation, price went up and hit a high of 37.60 (intraday basis) in April 2022. It again went down and retested the consolidation zone mentioned above to post a higher bottom at 30 and took off to post fresh all time high of 40.40…
The above consolidation of nealry 8 months looks like a good launchpad/springboard for an upward move.
A retest of previous strong resistance often offers good entry point.
The other interesting aspect of this chart is the double bottom formed in 2016 and 2020 at 19.40 levels and intervening peak at 33.50 which was successfully taken out in the recent upmoves. ( marked in solid blue lines) This is a double bottom breakout with potential targets of 47, if pattern plays out.
disc: invested as disclosed before, added more near current levels.
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