RUDRA007

Hindalco good short candidate.

Short
NSE:HINDALCO   HINDALCO INDS
Hindalco spot CMP 214
Elliot Wave Study :- Counter is trading in 5th impulse wave of impulse phase,, soon corrective phase might unfold and price might see good retracement of current up trend.
Chart Pattern :- Rising channel pattern, counter is trading around resistance line of rising channel pattern.. prices may face resistance around this levels .
RSI divergence :- price is making higher high from peak of wave 3 to peak of wave 5,,while RSI is making lower high.. Bearish Divergence..
Resistance and Support :- Around 220 levels counter have faced resistance multiple time,, at the moment counter is trading around 220 levels,,

Good short candidate..

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