NMDC Sliding Down

SETUP
NMDC has been trending up for most of 2021 up from 110 to 213

Over the last 3 months NMDC has lost the momentum and has broken below the trend line support.

Currently NMDC is trading at 152 just above its flat 200EMA acting as support.

We are seeing a bearish step up as NMDC continues to form lower pivot lows (165 to 186 to 145 to 158)

TARGET
Keep an eye on 145 - 148 levels to short NMDC for a target of 110.

110 represents the next support area as well as 1.618 extension of the first swing low from the top.

STOP LEVEL
162 is a good stop loss level for the trade.

All the levels mentioned are spot/cash.