Hindalco has recently given a channel breakout. Considering its uptrend and the global demand of manufacturing materials it is about to go higher according to my view.
Some reasons and signals are as below:
1. Overall uptrend
2. MACD giving upward direction
3. Stochastic also confirming up trend
4. RSI is above 60 and stock has gained momentum despite of negativity due to corona scene
5. DMI too is rising with current value at 26.7
6. High volume decisive candles giving all time high breakouts
7. Monthly candles are challenging upper bollinger band indicating strong momentum
8. After chinese new year some recovery on part of china and many countries regarding corona situation, plus manufacturing process getting back on track is giving rise to metal demands
Target - 416
Some reasons and signals are as below:
1. Overall uptrend
2. MACD giving upward direction
3. Stochastic also confirming up trend
4. RSI is above 60 and stock has gained momentum despite of negativity due to corona scene
5. DMI too is rising with current value at 26.7
6. High volume decisive candles giving all time high breakouts
7. Monthly candles are challenging upper bollinger band indicating strong momentum
8. After chinese new year some recovery on part of china and many countries regarding corona situation, plus manufacturing process getting back on track is giving rise to metal demands
Target - 416