Hindalco is a Type1 trade
FRESHNESS (3) First time in the zone
STRENGTH (2) move from the zone is good
TIME AT ZONE (2) we have less number of candles in the formation of zone
R:R (3) DYNAMIC
LOCATION (2) very low in the curve
TREND (1) Does not matter when the script is in very low of the curve
COINCIDING (1) 1m min zone is...
Trend continue to be negative as 50day EMA below 200day EMA. As well, MACD confirms the downtrend. Recent reversal from 200day EMA signals expiry would below 220.
By considering major event (Election Result) in the upcoming weeks, prefers to execute spread strategy rather using our regular naked strategy.
This scrip is in corrective structure , and its very high likely will move up for one more leg before it takes an U turn in the trend , as it is
its very short move to say its turning ,
Its in complex corrective b wave so one can look for buying on daily reversal candle with stop below it and look to book near
the forecast target
I am not looking any down...
RSI: Bearish divergence
Channel: Upper end
A 6% drop can be expected.
Use your own SL levels (prefer), if confused follow the mentioned levels.
Expected Level: 194.55
(This is only my opinion, not financial advice. Consult your financial advisor before making any decision based on it)
Animesh Vashisht, CFTe
Today hindalco has broken its upward channel with momentum indicators showing sell signal.
So according to technical analysis there will be a sell in hindalco but in my view one must wait for now
SELL hindalco below 206.5
stop loss 210
BUY HINDALCO above 210.2
stop loss 208