1. This is reference to previous idea of HINDALCO -- , we can see rounded bottom cup formation of chart ,
2. correcttion from 480 sub level sub to 400 level downtrend form, and after support formation of 400 level curve seen upside level .
3. 415 form as support , stock seen close around this level which is near by trendline breakout , if breakout candle seen then stock will be at bullish zone . for target 440-480 + as mention in previous idea.
4. Nearest support level 404-408 , resistance 425-440
THIS IDEA IS FOR EDUCATIONAL PURPOSE ..trade at own risk !!
HAPPY TRADING !!
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CCI , EMA indicator, histogram seen bullish divergence
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Hekin Ashi green candle above trendline will be breakout and bullish trend confirmation candle
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Target 1-440 , Target 2- 480 ( not 880)
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Support of rounded bottom chart pattern, is inner edge of 'U' shape curve , like previous arrow indicate , this time at upper side . if previous support 400 broken and if stock hourly/ Daily candle close bellow 399 then this pattern no longer valid .
👍 Great analysis on HINDALCO! It's impressive to see the rounded bottom cup formation of the chart and the correction from the 480 sub-level to 400 level downtrend form. The support formation of the 400 level curve has been significant and has led to an upside level. The fact that the stock is seen close around the 415 support level, which is near the trendline breakout, indicates that if a breakout candle is seen, the stock will be at a bullish zone. The nearest support level of 404-408 and resistance of 425-440 have been identified as well.
The bullish crossover of CCI and EMA indicators is another positive sign, and the bullish divergence seen in the histogram further strengthens the bullish case. The target of 440-480 as mentioned in the previous idea seems achievable, and a Heiken Ashi green candle above the trendline will be a breakout and bullish trend confirmation candle.
Overall, this idea is very insightful and educational. However, as mentioned, one must always trade at their own risk. 👍📈
champtrade111
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@Kapil-Mittal, Thanks ..very good description , as per technical pattern now need only 1 heiken ashi green Daily closing candle above trendline as breakout candle for bullish trend. thanks for your view. & nice words . !
yogeshyadav450
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ye konsa rounding bottom hai
champtrade111
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@yogeshyadav450, Rounding Bottom chart pattern form by series of price movement , graphically seen as U shape or cup pattern, in simple word after downtrend price movement make a bottom and seen trend reversal upside. in this chart first two green arrow indicate downtrend , third arrow at price movement 400 level make a bottom and seen trend reversal upside to 415-420 till last day green candle near trendline, indicate trend reversal upside that form rounded bottom cup pattern seen in price movement .
The bullish crossover of CCI and EMA indicators is another positive sign, and the bullish divergence seen in the histogram further strengthens the bullish case. The target of 440-480 as mentioned in the previous idea seems achievable, and a Heiken Ashi green candle above the trendline will be a breakout and bullish trend confirmation candle.
Overall, this idea is very insightful and educational. However, as mentioned, one must always trade at their own risk. 👍📈