HINDCOPPER – Support at 38.2% Retracement With Reversal SignalHI

HINDCOPPER has respected the 38.2% Fibonacci retracement level, indicating that buyers are active at this key support zone. The formation of a reversal candle (DOJI) at this level strengthens the probability of a reversal from the recent corrective decline.
Technical Highlights

Price retraced to the 38.2% Fib level, which is a commonly watched support during strong uptrends.

Reversal candle at support suggests selling pressure is getting absorbed.

Indicates renewed buying interest and potential continuation of the primary uptrend.

If momentum sustains, price may attempt to retest:

Immediate resistance: Recent swing high

Next resistance zones: Trendline / supply zones (depending on chart structure)

Technical Signals
✅ 1. Fibonacci Confluence

Price halted exactly at the 38.2% retracement, indicating the pullback is shallow.

Shallow retracements often occur in strong bullish phases.

✅ 2. Reversal Candle at Support

The reversal candle (hammer / bullish engulfing / pin bar depending on chart) shows:

Strong buying interest

Absorption of selling pressure

Start of upward momentum shift

✅ 3. Trend Structure

Higher-highs and higher-lows still intact.

Price holding above short-term moving averages

Trading Plan
📌 Entry

Two entry methods depending on your trading style:

Aggressive Entry:

Enter near the current market price after the reversal candle confirmation.

Conservative Entry:

Enter above the high of the reversal candle to avoid false signals.

📌 Targets
Target 1:

Retest of recent swing high
➡ Short-term target