Hindalco Industries: Breakout from Downward Channel
Analysis:
1. Chart Pattern:
The chart shows Hindalco Industries breaking out of a downward-sloping channel . The breakout is supported by recent bullish candles , indicating strong buying momentum.
2. Key Levels:
Support: ₹595.35 acts as a key support level. The price bounced strongly from this zone.
Resistance:
Immediate resistance at ₹619.30 , where the price is currently testing.
Next resistance at ₹679.80 , aligning with previous swing highs.
3. Volume Analysis:
An increase in volume is visible during the breakout, suggesting participation from buyers and confirming the breakout's strength.
4. Trend Outlook:
The price has shifted from a bearish trend (downward channel) to a potential bullish continuation .
If it sustains above ₹619.30 , the next target could be ₹679.80 . Failure to sustain may lead to a retest of the ₹595.35 level.
5. Indicators:
The moving average (blue line) indicates an uptrend resumption .
Watch for further confirmation with RSI or MACD if available.
Conclusion:
A sustained breakout above ₹619.30 can lead to a bullish rally targeting ₹679.80 .
Traders should monitor price action near key levels and ensure confirmation before entering positions.
