#Hindalco Multi Time Frame view
Updated
This post covers Multi time frame analysis. On monthly tf Hindalco gave a multi year resistance breakout in 2021 Feb and from there it went on to become double.
During June 2022, it corrected and retested the same trendline resistance which now became support.
Weekly TF :
On weekly TF; it is making HL since Covid Low and has been consistently taking good support around 200 ema on weekly tf..
Currently consolidating in a triangle and the volumes are rising and last week's volume are highest since Nov 2022.
RSI is also showing a sign that it will give a breakout soon
Daily TF :
On daily tf; good accumulation + previous BOF of the IB on 29th May with less volumes. It did a bull trap and then came back into the came range again.
However, it has again given breakout and of the same range and the volumes are bit higher with RSI & MACD both giving upticks.
Also, last friday it made a open low with a breakaway gap. A good signal overall of strength coming back in this counter
Hourly TF:
On hourly tf; RSI is bit overheated - so any pullback towards lower support may provide a good short term trade.
However as larger trend is looking it is finally turning tide towards +ve side; overall looking very good now with smallest possible risk
During June 2022, it corrected and retested the same trendline resistance which now became support.
Weekly TF :
On weekly TF; it is making HL since Covid Low and has been consistently taking good support around 200 ema on weekly tf..
Currently consolidating in a triangle and the volumes are rising and last week's volume are highest since Nov 2022.
RSI is also showing a sign that it will give a breakout soon
Daily TF :
On daily tf; good accumulation + previous BOF of the IB on 29th May with less volumes. It did a bull trap and then came back into the came range again.
However, it has again given breakout and of the same range and the volumes are bit higher with RSI & MACD both giving upticks.
Also, last friday it made a open low with a breakaway gap. A good signal overall of strength coming back in this counter
Hourly TF:
On hourly tf; RSI is bit overheated - so any pullback towards lower support may provide a good short term trade.
However as larger trend is looking it is finally turning tide towards +ve side; overall looking very good now with smallest possible risk
Note
Weekly TF chartNote
Daily TF chart Note
Hourly tf chart Note
Hindalco 440+ nowNote
Note
Hindalco monthly closing above 500++, first time after Feb 2022Note
Hindalco 520++Note
Hindalco 734++
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