March 4, 2014
- Hindalco weekly chart suggests a short term bottom in place. Daily chart shows MACD indicator giving a buy signal after positive divergence
- But price is still trading below 200 and 50 Day SMA's at 108 and 109 levels. This level must be crossed for bulls to extend the up move.
- BANK NIFTY - HANGING MAN
- NIFTY Shows weakness at the 78.6% Fib level. For bulls price must close back above this level for extending the current up move.
- Bears need price to close below 50 and 100 Day SMA as shown in chart one for a bigger down move to happen.
- Price continues to trade in the range. For now price is near the resistance level of the range.
- HINDALCO BUY SIGNAL AND RESISTANCE LEVELS