Downside, Hindalco has two layers of support between 180 & 186 - On upside, it got rejected from 200-202 zones several times so likely break of 200-202 zone shall take it, to a new high in the zone 210-215. I am bit cautious on upside as an impulsive move which started from 58 lows in 2016 Feb could finish & take a U-turn.
Look for target zone 210-215 once it crosses 200-202 zone on the upside. Downside break of 185-only we will take sell calls that too for target 180 & below 179 -it can go deep downside.
It could be an ascending traingle- but as I always suggest do not become biased by drawing shapes as price confirmation is utmost important before taking shapes into consideration. So, let 200-202 zone be surpassed on upside then we will put this as a triangle shape.
That is the reason- I always tell don't become bias with the shapes as shapes can puzzle you. Look the comments below & let us learn from our mistakes.
Looking weak till 180 -Kindly check at your end.
Closed once touched 180 in this post.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ