Hindalco Head and Shoulder

Recent head and shoulder formation on Hindalco . Following this the stock has seen a sharp reversal and is currently at a critical support point of 150. The weekly charts indicate overbought levels on the stock. The 20-50 EMA crossover is at a tipping point. If there is a sharp bounce from the current levels then 162.5 is the next resistance.

Yesterday 12/26 there was a bulk purchase of Hindalco worth 100 cr . This could well be a positive indicator of further upward movement for this scrip.

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