* On a daily chart, the stock has been trading as per the Momentum Triple Pattern theory which suggests bullish sentiments in the counter.
* On a weekly chart, the stock has breached above the 50% Fibonacci Extension level of its last swing (76.90-115-84.10) which indicates a further upside movement in the counter.
* On an hourly chart, the stock has given a breakout of the neckline of the Inverted Head & Shoulder formation with forming the strong bullish candlesticks which is a bullish reversal pattern.
* A daily momentum indicator RSI reading is at 63.45 level, trending above its average line and heading towards the overbought zone which points out for a positive breath in the stock.
* Based on above technical structure, we are expecting a good upside movement in the counter for the upcoming trading session.
Buy Nelco Ltd @ 103.30-104.35 StopLoss 100 Target 112
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