HIndalco - Amazing Pitch fork and Harmonic layout Hindalco rallied yesterday and today to make a high around 160. It cross the pitch fork higher line from April 30 high which and was facing resistance from extended line of higher pitch fork line. At the same, it made a harmonic bat pattern indicating a reversal. With the perfect timing made a good profit in the stock. Seems to face good support around 150 and have exited the sort position. Will take fresh position only once it break out 148 level which is point A of Harmonic patter and below the Pitch fork center line.
HINDALCO trade ideas
HINDALCO , InsideBar , Go Short Below 146.75 Inside Bar Formation ( 4 Candle Close Under One Candle ( Doji form on 16 june )
Price Is In Supply Zone ( Tested Once )
Price Is On Resistance Zone
ADX Above 25
+DI IS Above -DI
Go Short Below 146.75
SL :- 154.6 OR FOR Aggressive ( Previous To The candle which Broke 146.75 High )
Target On Support Of Trendline
It can BREAK Trendline also So Trail Your Sl And Ride The Rally
HINDALCO INDUS.THE OVERALL NIFTY METAL INDEX IS AT A CRUCIAL RESISTANCE POINT , NOW HINDALCO INDUS. IS AT RESISTANCE POINT , THIS VERY CRUCIAL RESISTANCE FOR HINDALCO IF I HOLDS THIS PRICE IT MOVE ON FUTHUR TOI TEST THE VPOC OF 159 , IF THE BELOW TREND LINE BREAKS IT CAN GO TO TEST THE PREVIOUS POC OF 145/140 , MONDAYS PRICE ACTION IN STOCK CAN DEFINE THE FURTHER PRICE MOVEMENT OF STOCKS , ON MONDAY IF THE PRICE BREAKS BELOW TREND-LINE WITH SOME VOLUMES THEN ON NEXT RETEST WE CAN LOOK FORWARD TO SHORT FOR TARGET OF AROUND 145/140 AND IF IT CROSSES RESISTANCE AND SUSTAINS WE CAN BUY FOR RETEST OF PREVIOUS VPOC LEVELS OF 159
Hindalco Industries Ltd (Hindalco - NSE) - ABC zigzag wave patteHindalco Industries Ltd (Hindalco - NSE) is in ABC zigzag wave pattern in 60 min time frame from major low and it is now in 1st of C wave up, which is about to end. In weekly time frame it in in choppy WXY wave pattern and completed downside correction. Wave 2nd will be good entry for C up.
HINDALCO INDS TRADE SETUP HEAD AND SHOULDER +Elliote Wave Hello Guys, Sorry due to busy schedule not uploading any setup from past 24 hour
Hindalco Inds Good for buying For short term profit
when you look at 15 Min chart you see a head and shoulder pattern for target 127 I mention below
According to elliote wave principle now we are riding on 5 the wave which is the last wave if it moves further upward we can see the level of 130-135 easily
Thanks
Hindalco - The traumatic side ways moveWhen in Doubt refer Eliot Wave. Hindalco seems to be consolidating in area around price range of 117-120. With a resistance in the zone of 122-125 zone. Bollinger band of Hindalco in 15 minutes charts is squeezed. The sideways moves around 117-120 has been very traumatic with no clear views on the next move.
Hence going back to Eliot waves which suggest that last week move from 115-130 is the first wave and the retrenchment towards 117 zone is the wave 2. The next wave is most likely toward 145 range. Hence would be suggesting to go long. Stop loss if any could be around 112 level. For sure its going to be painful journey.
Would suggest to please please provide feedback on any other ideas to trade from the long term perspective.