breakout of this non ferrous company seems to have taken place
along with its ferrous counter parts.
in coming days it may touch the targets shown in the chart.
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Please do like and share the idea in case you find it good and follow it for further updates on it for benefit of everyone. Also, please comment if you have any feedback. This idea by one right trade is only for study purpose and is not a trading call.
Hindalco has formed a triple top pattern and also double top in the lower timeframe and it is looking for a downside breakout. Can sell on every rise. Do watch for price action before taking the trade.
Please Note - All the green lines mean the support zone/demand zone
and all the red lines mean the resistance zone/supply zone.
Hindalco Industries Ltd.
The stock price trading with in a small pennant pattern since past four trading sessions, where 167.50 (50MA) - 170 range is immediate resistances zone on the higher side and lower side support comes at 154.50.
Breakout of this mentioned support and resistance zone can unfold short term clarity on trading momentum.
FOR COMPLETE STOCK...