NATIONAL ALUMINIUM CO LTDUpdated Daily Timeframe Analysis – NATIONAL ALUMINIUM CO LTD on Renko
Daily Timeframe Analysis – NATIONAL ALUMINIUM CO LTD (NSE: NATIONALUM)
This is a Renko Chart with 1% brick size, showing the daily price action.
Key Observations:
1. Trend Analysis:
- The stock formed Higher Highs (HH) and Higher Lows (HL) until December 2024, confirming an uptrend.
- A Break of Structure (BOS) occurred, leading to a downtrend from the ₹250 zone to around ₹181.84.
- Currently, it has bounced from the ₹181.84 demand zone, which is a strong support.
2. Support & Resistance Levels:
- Strong Support:₹181.84 (Green Zone)
- Demand Zone: ₹165–₹175 (Blue Zone, marked as "Strong Low")
- Resistance Levels:
- ₹200-₹201 (Current Resistance)
- ₹210 (Major Resistance Zone)
3. Liquidity Areas & Structure:
- Weak High near ₹250 suggests it might get retested in the future.
-Equal Lows (EQL) were formed before the bounce, indicating liquidity was taken.
-Break of Structure (BOS) multiple times in the downtrend, confirming bearish momentum.
- Higher Low (HL) recently formed, indicating potential reversal.
Trading Plan:
Bullish Scenario (If Price Holds Above ₹200):
- A breakout above ₹201-₹210 could lead to a move toward ₹220-₹230.
- Stop-loss below ₹190 (previous support).
- Target 1: ₹210
- Target 2: ₹220
Bearish Scenario (If Rejected at ₹200):
- If price faces rejection, it could retest ₹181.84, or even the ₹165–₹175 demand zone.
- A short opportunity can be considered below ₹190, targeting ₹181.84 and ₹175.
- Stop-loss above ₹202.
Conclusion:
- Price Action Near ₹200 is Key: If it breaks above, bullish momentum may continue.
- Rejection at ₹200: Could lead to a retest of ₹181.84 or even lower.
- Wait for confirmation before taking a position – A breakout candle in Renko will provide a strong directional clue.
This is a Renko Chart with 1% brick size, showing the daily price action.
Key Observations:
1. Trend Analysis:
- The stock formed Higher Highs (HH) and Higher Lows (HL) until December 2024, confirming an uptrend.
- A Break of Structure (BOS) occurred, leading to a downtrend from the ₹250 zone to around ₹181.84.
- Currently, it has bounced from the ₹181.84 demand zone, which is a strong support.
2. Support & Resistance Levels:
- Strong Support:₹181.84 (Green Zone)
- Demand Zone: ₹165–₹175 (Blue Zone, marked as "Strong Low")
- Resistance Levels:
- ₹200-₹201 (Current Resistance)
- ₹210 (Major Resistance Zone)
3. Liquidity Areas & Structure:
- Weak High near ₹250 suggests it might get retested in the future.
-Equal Lows (EQL) were formed before the bounce, indicating liquidity was taken.
-Break of Structure (BOS) multiple times in the downtrend, confirming bearish momentum.
- Higher Low (HL) recently formed, indicating potential reversal.
Trading Plan:
Bullish Scenario (If Price Holds Above ₹200):
- A breakout above ₹201-₹210 could lead to a move toward ₹220-₹230.
- Stop-loss below ₹190 (previous support).
- Target 1: ₹210
- Target 2: ₹220
Bearish Scenario (If Rejected at ₹200):
- If price faces rejection, it could retest ₹181.84, or even the ₹165–₹175 demand zone.
- A short opportunity can be considered below ₹190, targeting ₹181.84 and ₹175.
- Stop-loss above ₹202.
Conclusion:
- Price Action Near ₹200 is Key: If it breaks above, bullish momentum may continue.
- Rejection at ₹200: Could lead to a retest of ₹181.84 or even lower.
- Wait for confirmation before taking a position – A breakout candle in Renko will provide a strong directional clue.
Note
Position closed , trade went successful and booked 14 points.
181.8 target achieved.
Note
approx. 14 points booked in this trade.Trade closed: target reached
approx. 14 points booked in this trade.
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.
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.