Hi! I trade NSE stocks using Demand and Supply zone strategy, mostly in Weekly time frame.
Here's a trading plan for HINDALCO
Weekly location: Equilibrium
Daily trend: Up (Let's go long)
Hourly zones: Demand zone marked on chart
Trade duration (max): 1 week
Note: Target, Entry and SL on chart
Hindalco has formed double top on closing basis on daily chart. Short can be initiated below the drawn support line in Red. Possible targets are drawn in Green line.
It has also formed 'Weekly Bearish harami' and 'Three inside down' candlestick pattern.
Metal stocks have shown long term weakness with respect to BSE500, with support at 6000 levels. Another interesting point to note is that the index has short upward cycles but downward trends tend to drag out for 2 to 3 times the timelines of the upward trends, notable exception being the trend between 2005 and 2008.
Both the MACD and the relative strength...
Recent head and shoulder formation on Hindalco. Following this the stock has seen a sharp reversal and is currently at a critical support point of 150. The weekly charts indicate overbought levels on the stock. The 20-50 EMA crossover is at a tipping point. If there is a sharp bounce from the current levels then 162.5 is the next resistance.
Hindalco has been trading in uptrend and trading in short term channel respecting support and resistance it seems to be approaching the channel support around 160-163. traders may enter short this stock at open with a target of 160.
Hindalco trading in up trend and looking to continue existing trend targeting long term resistance 176.37 in near term or may in a week as first target, if breaks 176.37 as second target 195.92, it is forming a wide rising wedge, risky trader can go long in this stock at CMP, conservative traders may wait if stock touches 160.00 then enter long for better entry price.