Hindalco Industries Excellent Long Setup
HINDALCO CMP 171.95 (20 JAN 2017) HOURLY CHART SHOWING - SHORT TERM NEGATIVE TREND RSI - <50 MACD DIVERSION TOWARD NEGATIVE MOVING AVERAGE - BELOW 50 TARGET 1 - 168 TARGET 2 - 165 TARGET 3 - 163
WE ARE CURRENTLY IN WAVE 4 AND WE HAVE ALREADY REACHED 23 % MAY BE SOME MORE DOWNFALL UPTO 150 RANGE & THEN WE WILL HAVE AN UPMOVE FOR WAVE 5
HINDALCO - LOOKs LIKE A UPSHOT - PAPER TRADING TGT=182.00 SL=175.00
HINDALCO to GO LONG AS LONG AS ABOVE 156 - SL=153.00 TGT about 168-170
Reversal of sorts at the higher end of the channel. It should correct upto 125. Extremely favourable risk reward trade. Stoploss at 138.5
It is been trading in channel for few days as showed in the 30mins chart, it is on the move to the downside and I'm looking for a breakout in the 30 mins chart.