Hindalco| Double Bottom| Latest stock market news
(3 minutes read)

Stock name: Hindalco

Pattern: Double Bottom

Time frame: Daily

Observation:

Between January 18, 2023, and March 20, 2023, the stock experienced a downward trend. Since then, it has undergone consolidation and formed a double bottom pattern on the daily charts. Recently, the stock has shown upward movement with significant trading volumes, breaking the resistance of the pattern today. Additionally, it has surpassed the R3 pivot levels and is currently trending upwards with an RSI of 65+, indicating strength in the price movement. As per technical analysis, if the stock maintains this breakout, it is likely to continue moving upward.

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Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

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