Hindalco - Hanging on to the Cliff
Hindalco is not looking good on the charts. From here if 120 levels is broken, Chart suggests a fall to the magnitude of 20-25% price damage. On Monthly charts its precariously hanging on to the 120 levels. Below which its a clear shorting candidate.
Hindalco - Monthly Chart
Mind you it's a Monthly chart so it might take time to achieve the target. Follow the levels carefully.
Trading Strategy:
Hindalco is currently at a key support level of 120. Any breach of it will cause significant damage to it's chart.
Short only after the Daily period Candlestick below 120. Initial Stop Loss level being 124 levels & once trade becomes profitable, Keep trailing the Stop Loss.
If Hindalco indeed bounces of the 61.8% retracement levels, then wait for it to reach 50% retracement levels (Around 145-150) levels & one can go short there.
Trading Strategy:
Hindalco is currently at a key support level of 120. Any breach of it will cause significant damage to it's chart.
Short only after the Daily period Candlestick below 120. Initial Stop Loss level being 124 levels & once trade becomes profitable, Keep trailing the Stop Loss.
If Hindalco indeed bounces of the 61.8% retracement levels, then wait for it to reach 50% retracement levels (Around 145-150) levels & one can go short there.
May the Trade be on your side.
Happy Trading / Investing. Would be glad to receive comments from all on the views expressed.
Exactly what i was looking for..thanks a lot dude!
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