HINDALCO Divergence! Option Trade! Short!
Hindalco was bullish in previous week. However, simple pattern seen on daily chart.
Logic for shorting::
1. RSI Divergence indicated it will go down.
2. Head and shoulder pattern - Entry at second shoulder.
3. Short SL (SL :: 507)
Short below 485 level. TGT1 468, TGT2 451+++
Option Buyers :: Buy HINDALCO OCT 460 PE if crosses 16.50 :: SL 14.00 :: TGT 18.50 , 20.20, 21.90 +++ (Trade at your own risk; keep hedging the position.)
Happy Trading :D
Logic for shorting::
1. RSI Divergence indicated it will go down.
2. Head and shoulder pattern - Entry at second shoulder.
3. Short SL (SL :: 507)
Short below 485 level. TGT1 468, TGT2 451+++
Option Buyers :: Buy HINDALCO OCT 460 PE if crosses 16.50 :: SL 14.00 :: TGT 18.50 , 20.20, 21.90 +++ (Trade at your own risk; keep hedging the position.)
Happy Trading :D
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