Long Opportunity for HINDALCOLooks like a possible pull back after the price advance with huge volume.
Any positive catalyst can drive the price to new level.
However be cautious and set your STOPLOSS below the trend line.
HINDALCO
Hindalco - LongBased on Trend and breakout resistance level at 193.30 on 15 mins chart
Trade:
Buy above - 193.30
Target - 195.45
Stop loss - 192.20
"Happy Trading"
Hindalco - Double topHindalco 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.
Symmetric Triangle on Hindalco - NEUTRALSymmetric Triangle on Hindalco and it may break either side. Indicators are also in neutral.
NOTE - It may take 1 or 2 days to hit the target on either side.
Metal Index Long term analysisMetal 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 indices are beginning to show a reversal downward and the upward trend seems to be losing steam. Hence quite likely that downward movement will begin anytime between now and Feb. So this is a good time to go bearish on the metal futures.
Hindalco Head and ShoulderRecent 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.
Yesterday 12/26 there was a bulk purchase of Hindalco worth 100 cr. This could well be a positive indicator of further upward movement for this scrip.
HINDALCO breaking the channel and looking to test 200dmaHINDALCO has broken the channel and ia trading well below it. 200 dma is placed at 130 levels, and we can easily expect the stock to test it
Hindalco approaching uptrend channel supportHindalco 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 Channel formation (valid from FEB 2016)This is to support my Hindalco breakout idea on daily chart
Hindalco Looking Strong It is been observed that the price action moving up making Higher highs and higher lows. It also breaks above new resistance and now it shall further go up
Target: 177
Stoploss: 166
Hindalco looking strong enough to target 176.37 or 195.92 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.
Hindalco: Will It Clear Upper Parallel?After being rejected at the blue upsloping medianline, the red fork now seems to be in play.
Multiple Cofluence at this level HINDALCOPF, latest Trendline and Channel cofluence at this point suggesting that buyers may enter at this level. Please keep a watch on it for emerging trade.
Hindalco - a bounce expectedGood support area with Sl pretty nearby. A good RR long here imo with 156-162 possible.
Hindalco - at resistanceA move above 157 and we could see 161 in a flash.
Move back down from these levels would be bad for the stock.
Supports at 152 should be retested, IF,
it fails to BO from hereon.
