EOD 16-07-2013
EOD 14-06-2013
And the reversal began in style---
EOD 11-06-2013
Previous update managed to catch the top at 112.6 and as we breached 109.45 on the downside,it was clear that an intermediate top had got formed at 112.6
Since then following pattern have developed at two different degrees:
.png)
EOD 17-05-2013
On April 27, I had posted this Hindalco Chart on FB page:
Hindalco Chart
Now that we have reached the upper limit of 112+ let us discuss this stock further.
Its 200DMA is at 111.5 and the price tested & breached it but closed below this level for past two days.
Any close above 113/-would give the targets of 118 and 126.
.png)
Although it has entered overbought zone but no divergence noticed as yet. Trailing Stop-loss for longs to be kept at 103.4 now and to be shifted to 109.4 if starts closing above 113( and one is gunning for 118 & 126)
Alternatively, if it starts closing below 109.45 then a retracement of upmove 86.9-112.55=25.55 would be seen as having begun and one can create shorts with a stop-loss at 112.6 and target of 100 or even 93.
And this dip to sub-100(if it comes) should be seen as an opportunity for entering a Jackpot Trade on the long side (with a stop-loss at previous low of 86.9).
The Chart below illustrates two Wolfe-waves that are currently active in Hindalco--- Red Wolfe is targeting 160 and Green Wolfe is targeting 200.
One can enter either as per strategy defined by me above(which is akin to bottom-fishing,after a support area has already been defined) or look for break-outs above black descending Trendlines joining previous tops:
.png)
Other useful long term Charts of Hindalco illustrating Harmonics in particular:
.png)
.png)
.png)
.png)
EOD 14-06-2013
And the reversal began in style---
EOD 11-06-2013
Previous update managed to catch the top at 112.6 and as we breached 109.45 on the downside,it was clear that an intermediate top had got formed at 112.6
Since then following pattern have developed at two different degrees:
.png)
EOD 17-05-2013
On April 27, I had posted this Hindalco Chart on FB page:
Hindalco Chart
Now that we have reached the upper limit of 112+ let us discuss this stock further.
Its 200DMA is at 111.5 and the price tested & breached it but closed below this level for past two days.
Any close above 113/-would give the targets of 118 and 126.
.png)
Although it has entered overbought zone but no divergence noticed as yet. Trailing Stop-loss for longs to be kept at 103.4 now and to be shifted to 109.4 if starts closing above 113( and one is gunning for 118 & 126)
Alternatively, if it starts closing below 109.45 then a retracement of upmove 86.9-112.55=25.55 would be seen as having begun and one can create shorts with a stop-loss at 112.6 and target of 100 or even 93.
And this dip to sub-100(if it comes) should be seen as an opportunity for entering a Jackpot Trade on the long side (with a stop-loss at previous low of 86.9).
The Chart below illustrates two Wolfe-waves that are currently active in Hindalco--- Red Wolfe is targeting 160 and Green Wolfe is targeting 200.
One can enter either as per strategy defined by me above(which is akin to bottom-fishing,after a support area has already been defined) or look for break-outs above black descending Trendlines joining previous tops:
.png)
Other useful long term Charts of Hindalco illustrating Harmonics in particular:
.png)
.png)
.png)
.png)
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