Hindalco Elliott Wave Analysis

 Hindalco daily chart

Hindalco hourly chart

From the above daily chart, the metal stock is moving higher by crossing its previous high and it is also positively poised. Recently it has bounced from the lower Bollinger Band which is actually acting as a support. As far as prices are above the lower Bollinger Band prices are expected to cross its previous high which is placed at 256 levels.

As per hourly chart, prices corrected after a dynamic move which also made RSI to move down near to the oversold terrain. Also it is important that 256 is crossed decisively which will open further positive possibilities.

Elliott Wave theory suggests that, prices are currently moving in wave iii at one higher degree. At present prices have not moved up till 100% of wave i to wave ii (one higher degree), this means there is a possibility for the stock to move till 272 levels (minimum).

The summation is Hindalco if crossed 256 levels will soar it till 272 levels which is the minimum criteria, any move above this level will open further positive possibilities.

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