Hindalco Industries: Breakout from Downward Channel
Analysis:
1. Chart Pattern:
The chart shows Hindalco Industries breaking out of a downward-sloping channel. The breakout is supported by recent bullish candles, indicating strong buying momentum.
2. Key Levels:
Support: ₹595.35 acts as a key support level. The price bounced strongly from this zone.
Resistance:
Immediate resistance at ₹619.30, where the price is currently testing.
Next resistance at ₹679.80, aligning with previous swing highs.
3. Volume Analysis:
An increase in volume is visible during the breakout, suggesting participation from buyers and confirming the breakout's strength.
4. Trend Outlook:
The price has shifted from a bearish trend (downward channel) to a potential bullish continuation.
If it sustains above ₹619.30, the next target could be ₹679.80. Failure to sustain may lead to a retest of the ₹595.35 level.
5. Indicators:
The moving average (blue line) indicates an uptrend resumption.
Watch for further confirmation with RSI or MACD if available.
Conclusion:
A sustained breakout above ₹619.30 can lead to a bullish rally targeting ₹679.80.
Traders should monitor price action near key levels and ensure confirmation before entering positions.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.