Hindalco: Play For Bounce

Although I presented the trade on weekly chart yet it would be small swing trade which may take just few days to either hit the targets or stop loss. Partial or full profit booking at first target could be done as overhead supply may hurt the upmove. Some might disagree with my Cypher pattern so I urge them in advance to take it easy :)

All nitty gritty details are mentioned on the chart itself.
The stock is highly volatile so risk averse traders may opt to stay out of this trade.
As per my setup Risk to Reward is not exactly 1:1.
So those who want exactly 1:1 may wait for pullback to 215.50 but only after hitting the 217 entry.


All the best for the week ahead.

Regards

Comment:

Looking at s&p and NASDAQ it seems buy won't be triggered easily. We might see some reaction first.

Comment:

very nice bounce on hindalco as expected..may cool off near 225 zone

Comment:

Not a bad closing above the entry price (closing 221).
There has been a slight change in the target levels mentioned on the chart.

Trade closed: target reached:

What a day guys..that gap up and my limit order got hit right out of the gates at 228. Full profit has been taken.