Hindalco moved up as expected once crossed 170-172 zone & kissed the target of 180+ -making a new high@184.80.
Daily Chart
It's a dark cloud cover candlestick pattern in last trading session as on 25th Nov2016.
What is Dark Cloud Cover Candlestick Pattern
It is a candlestick pattern where a redcandle forms after long green candle. On 24th Nov 2016- It was a...
Had an impulsive move from lows@58.80 since Feb2016. Currently its in sideways move from its high@180.65- going & sustaining above 170-172 zone can be an opportunity for Hinadlco Bulls for longs initially for target 180 similar to previous highs-later let me come back again.
Longer Term-
If HIndalco gets support in the zone 145-147 which is double bottom can...
Awesome Fib ratio overlapping at 152-154 which we called support price cluster. This ratios attracts price like a magnate. According to the chart pattern stock price may touch this support area in couple of days. If stock shows any positive divergence with trigger from this level, I will take long position in this stock for the target of 187.
Education purpose ....
From experience must tell u best setup is price pattern.. what ever u follow finally u look for price patern first
till.. KISS METHOD ALWAYS WORK FOR ME
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 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.
As seen after a strong uptrend, price has been contracting in a narrow range, making lower highs and higher lows (symmetrical triangle) in the daily chart . A breakout with volumes on the upside would be our entry.
It is bullish in larger time frame also.
I will keep this stock in watchlist and review it once it gives a breakout.
