January 25, 2017

Broadening Wedge and Monthly Tops of HINDALCO

  • Hindalco daily is trading above the recent resistance zone of 184. Price is moving towards the resistance line of a Broadening wedge.
  • Monthly chart too shows price is moving into historic resistance zone between 190 and 200. Note these values are on closing basis for example the Top formed on December 2006 was after a spike towards 225 levels. So there could be explosions above this zone But if Day and Week starts to reverse at this zone this Up move may end.
  • NIFTY Nears Descending Triangle support zone

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