Hindalco Ind. could be a good short term investment opportunity!
Hindalco Ind. has consistently been honoring its resistance level and the support level.
Higher highs and higher lows showed since 25th February 2021 indicates the uptrend for the stock.
Bullish Engulfing candlestick pattern formed at the resistance level with the increasing RSI and recently occurred MACD crossover could be interpreted as the indicators for a long call with a Stop Loss at 344 which is a Fibonacci Retracement level (0.236).
Considering the above technical Indicators Hindalco Ind. seems like a good buying opportunity for a short term investment horizon i.e. 1 week to 1 month.
Higher highs and higher lows showed since 25th February 2021 indicates the uptrend for the stock.
Bullish Engulfing candlestick pattern formed at the resistance level with the increasing RSI and recently occurred MACD crossover could be interpreted as the indicators for a long call with a Stop Loss at 344 which is a Fibonacci Retracement level (0.236).
Considering the above technical Indicators Hindalco Ind. seems like a good buying opportunity for a short term investment horizon i.e. 1 week to 1 month.