Head and Shoulders of HINDALCO

• Hindalco Weekly chart with a beautiful Head and shoulders pattern. It's a huge pattern and the reliability of head and shoulders pattern have gone down in the recent past. So the breakdown if happens should happen with big volumes and we may also hear negative fundamental news for the sector or the company itself.
• On the contrary the neckline can also act as support line for a turnaround. Taking support at Weekly lower bollinger band and closing above 5 Week High EMA  may result in a trading bounce. Resistance levels for a possible bounce is shown in the last chart. Below 50 and 200 SMA the Trend will remain down.
• BANK NIFTY WEEKEND UPDATE