HIND ALUMINIUM BASE BREAKOUT
HINDALUMI broke out from a 2 year accumulation area formed after a strong downtrend of 80%The accumulation zone slightly resembles a head and shoulder reversal pattern.
The accumulation zone is at the same price range of the previous accumulation zone from which price moved 200%
Increasing volume in the accumulation zone prior to breakout shows increasing interest in the stock.
Breakout volumes are also excellent with price also giving a retest.
A positional trade of at least 1:3 to 1:4 can be taken, but the stop loss can be trailed after the uptrend is established.
Place sl below 44
Targets are open after 1:3 and 1:4 are achieved.
Holding period 2 months to 1year +
Position size accordingly. HAPPY TRADING!
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