Nishat Mills Ltd. (NML) is a prominent Pakistani Textile Company belonging to the Nishat Group.
The company has been in downtrend for very long time. At the start of this Calander year it hit the low which has proved to be the lowest low so far.
Since than the security has been posting gradual increase in price. Thus gaining 40% of its value. In the preceding week the security successfully crossed over the neckline of Cup & Handle formed on Weekend Charts. Although it could not close the week over the neckline it is highly probable that it shall very soon close over the neckline and shall resume its journey to new highs.
Aggressive traders can avail the opportunity to accumulate under the neckline and Cautious fellows can wait for the closing above the neckline. For your convenience SL and TP has been marked on the chart.
The company has been in downtrend for very long time. At the start of this Calander year it hit the low which has proved to be the lowest low so far.
Since than the security has been posting gradual increase in price. Thus gaining 40% of its value. In the preceding week the security successfully crossed over the neckline of Cup & Handle formed on Weekend Charts. Although it could not close the week over the neckline it is highly probable that it shall very soon close over the neckline and shall resume its journey to new highs.
Aggressive traders can avail the opportunity to accumulate under the neckline and Cautious fellows can wait for the closing above the neckline. For your convenience SL and TP has been marked on the chart.
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