aks85
Long

Hindalco- Symmetrical Triangle- Awaiting Breakout- Potential Buy

NSE:HINDALCO   HINDALCO INDS INR1
123 2 2
As seen after a strong uptrend, price has been contracting in a narrow range, making lower highs and higher lows (symmetrical triangle) in the daily chart . A breakout with volumes on the upside would be our entry.
It is bullish in larger time frame also.
I will keep this stock in watchlist and review it once it gives a breakout.
Trade active: cmp 163
Comment: As per this pattern target should be around 184, but one can book profit at 180.
Sir whether, we may buy this stock at this level from the short term prospective?
Reply
aks85 sunilshinde1304
Whenever you want to buy a stock for a short period, buy it on a breakout, because you dont want to get stuck in a narrow range market. So, incase breakout sustains by eod, you can add it. Do manage your risk by hedging as market might get volatile due to elections in US.
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