So far it seems like we are done with the complex double correction WXY on the back of following reasons:
1)Price has crossed and will be closing above upper channel rasistance line looking at today's price action.
2)Price will be closing above wave 4 high of 1250 looking at today's price action.
3)Price has crossed 38% retracement level of entire correction at 1245.
4)We are also seeing faster retracement of last down swing in today's trading session.
All we need is a close above 1265 in today's trading session.
Also going ahead next cycle low is due on 4th march,hence buyers will get a dip in coming days to enter into this stock.Stock has also given breakout of 1265 prior swing high,which can be re-tested in coming days,hence a once we see dip towards 1265-1245 in coming days followed by reversal candle in the form of doji,hammer,or engulfing candle longs can be initiated once the high of the reversal candle istaken out with the low of reversal candle as initial stop-loss for a target of 1410 and 1530.
Metal as a sector is out performing in this kind of volatile market hence keep an eye on entire sector,wait for dip and reversal candle.
PS: Hindalco made all time high in current market,which is indicating that in coming days similar movement can be seen in other metal stocks also.
Disclaimer:This are just my view on the stock,posting this analysis just for my future reference,no position should be build or exited on its basis.
1)Price has crossed and will be closing above upper channel rasistance line looking at today's price action.
2)Price will be closing above wave 4 high of 1250 looking at today's price action.
3)Price has crossed 38% retracement level of entire correction at 1245.
4)We are also seeing faster retracement of last down swing in today's trading session.
All we need is a close above 1265 in today's trading session.
Also going ahead next cycle low is due on 4th march,hence buyers will get a dip in coming days to enter into this stock.Stock has also given breakout of 1265 prior swing high,which can be re-tested in coming days,hence a once we see dip towards 1265-1245 in coming days followed by reversal candle in the form of doji,hammer,or engulfing candle longs can be initiated once the high of the reversal candle istaken out with the low of reversal candle as initial stop-loss for a target of 1410 and 1530.
Metal as a sector is out performing in this kind of volatile market hence keep an eye on entire sector,wait for dip and reversal candle.
PS: Hindalco made all time high in current market,which is indicating that in coming days similar movement can be seen in other metal stocks also.
Disclaimer:This are just my view on the stock,posting this analysis just for my future reference,no position should be build or exited on its basis.
Trade active:
one can go long as it seems like after 4 days of initial rally we saw a pause for 4 day and trend has again resumed in today's trading session.Possibility of wave 3 in the making is high as price has broken channel along with previous pivot high and took support at same breakout level and reversed.In coming days we can even see stock hitting ath but for now one keep a target of 1400 and 1500 and initiate long at cmp of 1290 with a stop-loss of 1240.