Though stock had earlier broken out of uptrending channel, it could not sustain and fell back below the channel. Now after forming a wedge, the stock is likely to start its downward/corrective trend. Selling shall intensify once 220 is taken out. SL 240 (should hold for atleast 15 mins).
Price action has taken support and broken the downward trendline. Buy above 229 with the stoploss of 226. Targets are 234, 238 and 241. Swing trade. Always follow your trading plan.
Hindalco on daily formed a caustious candlestick...
Is this time for reversal in Hindalco...
tomorrow's Candle would be important
Chart for study purpose only
Moving slow and steadily in a channel towards lifetime high. Has been moving up with reasonable volume and appears to have a bit more steam left
Target 236.
SL 215.5
Hindalco Outlook: Hindalco trading almost near life time high where we can see a doji and doji star formation with a confirmation candle, Doji and doji star are completely a reversal signal for short period of time and volume also decline for past two weeks (low demand on top).
If stock open on Monday near Friday close or below and able to break 213.25, this ...
A long pinhead hammer at top in weekly chart shows over supply in region 215-220...Also RSI denying price action trend...
Target of 205-200 ...sl of 223
it has passed the intermediate long term Monthly level , i am expecting the stock will make move up to 252 , but time factor is big question ,
One can look for holding stocks in CM , not for short , till it makes or brakes the 252
Regards
