AbhishekHSinghCMT

Hindalco - Trading Impulsive Correction for 145-147 Zone

Short
NSE:HINDALCO   HINDALCO INDS
718 views
12
The Rally from 58.80's to 200 seems to be impulsive & looks like a medium term top is in place. Since the top@200- the correction, which has started looks like it completed the first set@179 on 27th Feb2017- Post that there was a jump close to highs of 200 -surpassed & made a new high@202-203 & currently falling back in an impulsive manner.

Trading Strategy

Long Term Strategy-
We shall be looking for 38.2% retracement in 6-8 months, which falls exactly in the double bottom zone of 145-147 & could act as an important zone in the future.

Short Term Strategy-
If in coming sessions it moves in the zone 193-195 & starts falling back below 192-190 zone that could be looked as selling opportunity keeping stops of recent high & targets below 185-187 zone.

You would love to read my previous updates

Hindalco 2016 Diary- Blessed with Double Bottom at 147- includes all nested analysis

Nested Analysis- All previous analysis included in 2016 Diary.

Thanks & Have a nice weekend.
Abhishek




Trade active: 23:27 Hrs 20th March2017

Last price@196.35

Moving above 197 -likely it can attempt to touch 200-202 again - we want see how it moves beyond 200 -202 zones

Trade closed: target reached: 12:51 Hrs 8th April2017

Last Price@193

As per short term strategy -The zone of 185-187 was touched on 27th March2017. On upside it is getting strong resistance between 200-202 zone.
Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw

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Comments

Sir, Is it forming ascending triangle by any chance?
here is my perspective... please correct me if i am wrong...

Reply
@k314, Yes Possible
Reply
@k314, Draw this triangle image on the new Hindalco post I have published.
Reply
k314 AbhishekHSinghCMT
@AbhishekHSinghCMT, Sure sir
Reply
from 185 there is clear ABC , Is 145 to 200 start of new impulse ??
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@jayant999, Its a complex wave -4 from 165 as W-X-Y which ended at 147-148 zone. Seems that first 200 mark finished wave for sequence & looks irregular flat A-B-C where C-can move down. Any sustained move above 200 shall force to look for alternatives. but if 190 & 186 gets broken in between that could be sign of bears coming back.
Reply
jayant999 AbhishekHSinghCMT
@AbhishekHSinghCMT, Thanks for the detailed update .
Reply
sir third attempt to 200 zones ... this time may head 220 levels
Reply
Sir 5th wave can not smaller dont short frnds
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AbhishekHSinghCMT Brijeshdobariya
@Brijeshdobariya, See- whenever you write a comment always be exact -rock to the bottom- don't leave any room for questions. 5th wave cannot be smaller as compared to ?-- & as suggested above price went close to the zone 193-195 & made a high@191.35 & started falling below 192-190 zone, then I said we will take sell as a short term strategy for targets below 185-187. It closed at 187.60 in last session so likely it was 2-3 points intraday gain if you would have taken short going below 190. Now we have stops above 191.35 which is recent high, so you are losing 2 points if trade goes against if someone holding the trade & in favour it gives 10-15 points initially which is a good risk reward in any trading strategy OR

You are trying to suggest a call with 100% profit & no risk at all- If that is the case then I must salute you.

My style of trading -if you have not noticed then do read completely the strategy portion which I always discuss in the post- I never trade just because of emotions & catch a running train. I always trade with confirmation-which most of followers are aware. In this case if someone has taken short post going below 190 -he could or should have trailed his stops to cost price or entry price of selling which will make him win the trade & lose just brokerage. Also, Please do not get carried away with numbers -just writing 1-2-3-4-5 does not mean that you will go & sell everything so I always trade with confirmation. Lastly, Have you noticed one thing on the chart next to 5th wave- (Proposed) I have used "question mark" which always tell that it is a possible scenario.

Wish You A Happy Sunday & Happy Holi.
Reply
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