NALCO is forming a head and shoulder pattern in hourly chart. From chart it seems it could not sustain above 47.55 its long term resistance. If it gives a breakdown it may fall to 44 level and then ultimately to its short term support of 41. View negated if it moves past resistance of 47.55.
Disclaimer: - These views are for educational purpose only and not a...
Nalco is still under selling pressure..
Chart 1 is showing (Day Time Frame) - is showing inverted hammer which is representing huge selling pressure.
Chart 2 and 3 is representing the reversal for downtrend.
A,B, and C corrective pattern is started or New Elliot Wave motive cycle is already started?
Harmonic Patterns exist.
We have to go lower timeframe for more clarity to determine tradable numbers.
Let's compare Elliot Wave of...
Number-6 unit of the TimeCycle has been initiated which in up-direction for NALCO. This timeCycle middle time for complete up move is at 2022.
Daily TimeCycle :
Fundamental & Hindalco of the % move > relative to NALCO.
After weeks of downtrend Nationalalum is on the way to break the downtrend in the 3rd Elliot Wave.
1. Wait for break of the trend line.
2. Can go long after the retest of the trend line .
3. Final target of 5th wave-46.5 can be achieved.
4. Analysis get failed if the stock fails to break the trend.
Can buy National Aluminium limited for long-term.
- High dividend payout
- Excellent results from last few quarters
- Aluminium prices are soaring
- technical breakout retest
If anyone wants not to take risk, Can put 60 as SL.
Any views are welcome :)