Hindalco - Trading Impulsive Correction for 145-147 Zone

AbhishekHSinghCMT Updated   
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.

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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