Detailed Technical Analysis about the direction of HAL
1. The HAL stock's actual value can be clearly observed on the 62-day chart . To demonstrate the accuracy of my analysis, I utilized the Search Volume Profile (SVP) to highlight the precision of my levels. If you're unfamiliar with SVP, I recommend conducting some research to expand your understanding.
2....
At important resistance level of life time high. Hoping high on hdfc defense nfo, mazgaon dock 32000 cr. Order and government support. Breakout could easily trigger 3400 levels.
Another stock in the radar with the upcoming budget with a focus on the defense sector. DMI bullish crossover likely. Entry only above 2575, breakout with volume support
Shall update target and stop loss levels once trade is active
HAL has been testing the 1500 levels from last 7 months. It is a good long trade if it closes above 1500 today since it has never given a daily closing above it.
It is a breakout from inverted head and shoulders pattern and target can be 15-20% positionally.
Stoploss can be below 1410 DCB.
Just for educational purpose.
NSE:HAL
Note :
1.One Can Go long with a Strict SL below the Trendline or Swing Low of Daily Candle.
2. Close, should be good and Clean.
3. R:R ratio should be 1 :2 minimum
4. Plan as per your RISK appetite
Disclaimer : You are responsible for your Profits and loss, Shared for Educational purpose!
The idea is based on the Elliott Wave Theory. The current price seems to be corrective in structure which suggests another wave Y could unfold driving prices to the previous levels or lower.
Please look into the chart for a detailed understanding.
Consider these for short-term & swing trades with 2% profit.
For BTST trades consider booking target for 1% - 2%
For long-term trades look out for resistance drawn above closing.
Please consider these ideas for educational purpose
NSE:HAL Looks very weak in all higher time frames.
1] At Monthly time frame it is a clear Bearish engulfing pattern.
2] At Weekly time frame it is having a head and shoulder pattern.
3] At Daily time frame it is clearly completed a head and shoulder pattern. The volumes are dried during the phase of H&S and started to pick heavily during down days.
4] Neckline...
Taking support from long term trendline. Expected to give good bounce from trendline.
Can add at CMP or any dip for a target of 3000-3200 with sl of 2300
Fundamentally good company.
