Using price action context , we don't see a possible entry in this chart. BUT using another strategy which i term as PAC-ICSM means "PRICE ACTION CONTEXT – IMPULSE CORRECTIVE STRENGTH MEASUREMENT" we can place a pending buy entry in this stock.So this is the first time, i'm disclosing the strategy which i actively use for my trading.So, now we'll have two different PAC strategy to trade :
a) PAC – CTB > price action context – change of trend breakout
b) PAC-ICSM > IMPULSE CORRECTIVE STRENGTH MEASUREMENT
Below will be the chart analysis of hindalco in terms of PAC-ICSM strategy :
As you can see on the pic > the strategy is based on measuring the strength between impulse breakout move & correction move.When we see a weaker correction compare to a strong breakout impluse move, we directly place our buy/sell entry on the flip resistance/support area. Regarding stoploss & tgt, we'll talk in lesson videos which is not ready yet.We'll learn this strategy properly with ins & outs of it in video lessons which is under process & will take some time.In below link i've posted some chart analysis on the same strategy just to start up this new strategy topic with a start of 2016 !!!