Hindalco Industries Limited (HINDALCO) Stock - Complete Technical Analysis - Sep 03, 2024

Hindalco Stock Analysis: Key Support, Resistance

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. Welcome to today's analysis of Hindalco Industries Limited (HINDALCO). The current price stands at 679.

Technical Indicators: The stock's MACD is showing bullish momentum, indicating potential upward movement. The RSI is at a neutral level, suggesting neither overbought nor oversold conditions. The ADX is moderately high, reflecting a stable trend. The Stochastic Oscillator is in the upper range, which might imply an overbought condition. The Awesome Oscillator is positive, hinting at a potential uptrend. The CCI is also positive, further supporting a bullish outlook.

Moving Averages: The Exponential Moving Averages (EMAs) and Simple Moving Averages (SMAs) suggest a mixed view. The short-term EMAs are above the longer-term EMAs, indicating recent bullish momentum. However, the price is currently below both the 10-day EMA and SMA, which could act as resistance. Conversely, the price is above the longer-term 200-day EMA and SMA, suggesting a longer-term bullish trend.

Support and Resistance Levels: Immediate support is seen around 662 (20-day SMA), and major support levels are near 609 (200-day SMA). Resistance levels are around 694 (10-day SMA) and can extend up to 740 (R1 level from classic pivot). The stock's price moving above 694 could signal a breakout and further gains, while a drop below 662 might indicate a bearish phase.

Chart Patterns: Currently, the stock is in a consolidation phase between key levels. A breakout above recent highs might confirm a bullish trend, while a breakdown below recent lows could signal a bearish trend.

Overall, Hindalco Industries is showing a mix of bullish and cautious signals. Traders should watch the key support and resistance levels closely and adjust their strategies based on price movements and technical indicators.