August 21, 2012

HINDALCO Chart Analysis

  • Last chart does not show today's price action But is shown to explain the down trend of the stock. Price is trading below 200 SMA and the daily cloud which will continue to favor bears.
  • First chart shows a rounding top kind of pattern with crucial support broken at 112.
  • Crucial support at 78.6% Fib level is being tested. Break of this level may take stock towards 105 levels which is the next major support.

1 comment:

  1. Amazing Analysis Mr San. Today Hindalco made a low of 110.20 before moving and closing above 112.35.

    Thank you very much.


    Sivakumar S