HINDALCO INDS - CUP & HANDLE
HINDALCO INDS has formed a Cup & Handle pattern on its weekly chart. This pattern took over 2 years to develop. It is now retesting and has formed a hammer candle. The stock may dip slightly to touch the 50 EMA before reversing upward.
Key Takeaway: Identifying support and resistance levels is crucial. Two years ago, the 622 level was a resistance but has now become support after being broken. The Cup formation happened at the 50 EMA, which provided support and then reversed. It has since re-tested this old resistance, which should now act as support. The hammer candle near the 50 EMA suggests a potential reversal. The stock may stay at this level for a few days or start moving up in the coming week.
This is for learning and educational purposes only, not financial advice.
Key Takeaway: Identifying support and resistance levels is crucial. Two years ago, the 622 level was a resistance but has now become support after being broken. The Cup formation happened at the 50 EMA, which provided support and then reversed. It has since re-tested this old resistance, which should now act as support. The hammer candle near the 50 EMA suggests a potential reversal. The stock may stay at this level for a few days or start moving up in the coming week.
This is for learning and educational purposes only, not financial advice.
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