Today's Opening - 276
Today's High - 276
Today's Low - 269
Today's Closing - 270
The stock has been making new highs and new lows since 26th Sep to hit a lifetime high of 278 on 18th Oct.
The 14-day Positive Directional Index has been stronger than the Negative Directional Index since 3rd Oct.
The 10-day Rate Of Change has been only marginally positive since 19th Oct indicating that the stock is slowing down.
The 10-day Momentum has been positive since 5th Oct. However, the momentum has been dropping since 19th Oct to turn negative today indicating a possible change in direction. This is also aided by a drop in the volumes.
The 2-day Relative Strength Index has stayed below 70 for the past four sessions with a lower bias.
The 20-day Commodity Channel Index has dropped from a peak of 206 on 16th Oct to 61 today, again indicating a slow down.
The 12, 26-day Moving Average Convergence Divergence has been positive since 5th July. However, it's dropped from a peak of 9.4 on 20th Oct to 7.9 today.
The closing has been below the 5-day Exponential Moving Average for four out of the past five sessions.
Hindalco has risen by more than 15% over the past one month and is entering a cool off period now. There are no obvious signs of trend reversal but no signs of immediate upmoves too. The stock has a strong resistance at 279. However, it also has a support at 264. Book partial profits at the current levels and wait for further direction to emerge.
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