AbhishekHSinghCMT

Hindalco - Trading Impulsive Correction for 145-147 Zone

Short
AbhishekHSinghCMT Updated   
NSE:HINDALCO   HINDALCO INDS
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

Twitter Handle
https://twitter.com/TalksWave

Telegram Handle
(Deleted)
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.