HINDCOPPER - Crucial level - Breakout or Breakdown
HINDCOPPER is at a very critical level.
Observations:
1. Trading post a W pattern formed in 2 months. Breakout didnt happen yet.
2. A broadening channel is formed at the neck level of the W pattern
3. There is a 10 Months trendline which was hit last week and currently there is a pullback
4. Price is also just below the 200MA - Again there is pullback at this level.
Collectively there is no significant direction indicated at this point of time. But a strong breakout can be expected after further consolidation. Need to watch the overall world market sentiment also.
Will keel posted.
Observations:
1. Trading post a W pattern formed in 2 months. Breakout didnt happen yet.
2. A broadening channel is formed at the neck level of the W pattern
3. There is a 10 Months trendline which was hit last week and currently there is a pullback
4. Price is also just below the 200MA - Again there is pullback at this level.
Collectively there is no significant direction indicated at this point of time. But a strong breakout can be expected after further consolidation. Need to watch the overall world market sentiment also.
Will keel posted.
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