Hindalco: Catching top Using Price and Time

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Hindalco:  Catching top Using Price and Time

While many traders were bullish in this metal stock as it was one of the out performer, but using Gann analysis and simple technical analysis such as channels, Fibonnaci retracement etc, it was easy for us to catch the important top in this metal stock.

The below excerpt is been picked from our daily publication, “The Equity Gannalyst” where we have used price and time grid to identify the top.

Hindalco Daily Chart:




Analysis:

From the above daily chart of Hindalco, we can observe that prices after making a low 87 moved higher and in a channelized formation and moved till 50% retracement of the previous down move (135-87). 50% is one of the important retracement level as it has the tendency to reverse once from that level.

Prices made a high at 112.55 and reversed which was 50% retracement and also one of the vibratory numbers placed at this level from where prices reversed and moved lower and even breached its previous vibratory supports.

On the above chart we have developed price and time overlay which is used to identify the important tops and bottoms. 

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