Hindalco forming evening star.

Hindalco forming a evening star pattern on a monthly time frame.

In the month of April the stock has already given a downside movement of 15% and can move below upto the level of 410.

On weekly time frame, the stock has closed below the 20 ema.

The stock on daily time frame has been consolidating in a range and has closed below the 200 ema and a support level of 488.

Analyzing the stock on 4 hour time frame,the stock looks bearish as it has given a bearish moving average crossover and has been taking resistance form its 20 ema.

Support :- 477, 465, 448
Resistance :- 488, 510

The stock can move further down and on multiple time frame analysis its bearish with moving average, volume and candlestick chart pattern.

Wait for the price action before entering the trade.


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