Hindalco Short Engulfing at significant Fib level

The prices are moving in a parallel channel since 01.02.17. Second last bar seems to be an pseudo Upthrust bar with good volume as last bar was a bearish engulfing and that too at significant 61.8 Fib level. One can short the stock taking the high of this bar as stop loss(closing basis) and look for the lower boundary of channel as first target which is quite reasonable risk to reward. However trader with patience can wait for the move till 170.

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