Hindalco Short Engulfing at significant Fib level

The prices are moving in a parallel channel since 01.02.17. Second last bar seems to be an pseudo Upthrust bar with good volume as last bar was a bearish engulfing and that too at significant 61.8 Fib level. One can short the stock taking the high of this bar as stop loss(closing basis) and look for the lower boundary of channel as first target which is quite reasonable risk to reward. However trader with patience can wait for the move till 170.
Trade closed: stop reached
Hi sir, but in the rsi, there is a slight indication of uptrend ? It has made a higher high and lower high in the last leg ?
praveen.bhatiya prajwal.kumar
@prajwal.kumar, You are right but in any situation that dilemma exists. This trade is based on price action : upthrust bar got rejected at fib level and I am taking chance as stop loss is affordable and there is weakness in metal stocks VEDL, Tatasteel.
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