HINDALCO INDUSTRIES LTDUpdated Hindalco: In a critical Zone
Head and shoulder formation observed before the big crash. Support of this formation is on 181 rs.
Right shoulder broke the support and a major fall occurred which coincides with Covid situation.
Recovery is happening in a parrallel channel making upper dynamic resistance and lower dynamic support lines.
Today Both the previous support and parallel channel crossed each other.
Hindalco made a High of 186 rs but couldnt sustain the levels & fell sharply to close on 178rs. which is below its critical 181 rs resistance(previous support) line.
Tomorrow's move will decide the further trend of Hindalco.
Nifty is in indecisive mode & most probably a correction will happen soon.
This will give the opportunity to short hindalco.
Nifty correction>> Short Hindalco-- Target 166-168, SL- 185
Nifty Bull Run>>>> Long Hindalco-- Target 196-198, SL- 170
Right shoulder broke the support and a major fall occurred which coincides with Covid situation.
Recovery is happening in a parrallel channel making upper dynamic resistance and lower dynamic support lines.
Today Both the previous support and parallel channel crossed each other.
Hindalco made a High of 186 rs but couldnt sustain the levels & fell sharply to close on 178rs. which is below its critical 181 rs resistance(previous support) line.
Tomorrow's move will decide the further trend of Hindalco.
Nifty is in indecisive mode & most probably a correction will happen soon.
This will give the opportunity to short hindalco.
Nifty correction>> Short Hindalco-- Target 166-168, SL- 185
Nifty Bull Run>>>> Long Hindalco-- Target 196-198, SL- 170
Trade closed: target reached
Trade closed manually
Long Target : Reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.