HINDCOPPER trade ideas
HindcopperRising wedge on daily looks bearish..
Any upside till 150 should be a selling opportunity..
Pattern invalidates above 150 closing..
Post 150 breakout and this structure predicted becomes obsolete..
HINDCOPPER - Breakout & Re-test structure - Monthly chartThe above analysis is done purely based on price action and chart patterns.
The analysis is done on monthly charts, hence it may take the price few weeks to few months to reach the target.
Logic as well as the trade setup is shown in image itself. The level which was earlier acting as major resistance, may act as major support for price to move up.
Entry can be done at CMP to any pull back. SL can be around 100. Targets are shown in image as well.
The above analysis is purely for educational purpose. Traders must do their own study before entering into any trade. Traders must trade as per their own risk taking capacity and money management
Feel Free to comment for any queries regarding the above stock or price action analysis in general.
To understand the re-test structure more clearly, check out the ideas linked here - APOLLOTYRE , SCI , SBICARD
Also check out my other ideas to understand how price action works and how it can be used to make regular profits without any complex strategies.
Hindustan Copper - Break out Retest and BounceLooks a good candidate for Retest and Bounce. Will add around 125 and target is 160+. SL is 115.
DISC: Not a SEBI Registered. I post charts for my own study.
Bull Trends projecting upward movementsFirst Charted when it was 86+ ranges and currently if 140 holds, move towards 160-190 is possible. Have a look at the chart :)
Volitility compression and pocket pivot//52-week high/low
High52 = security(syminfo.tickerid, "W", highest(high, 52))
Low52 = security(syminfo.tickerid, "W", lowest(low, 52))
//WMA
WMA10 = wma(close, 10)
WMA20 = wma(close, 20)
WMA50 = wma(close, 50)
WMA100 = wma(close, 100)
WMA200 = wma(close, 200)
//Standard Deviation with WMA
lenSD = input(20, minval=1)
sdavg13 = input(title="WMA SD", type=input.integer, defval=13)
sdavg22 = input(title="WMA SD", type=input.integer, defval=22)
src = input(close, title="Source")
SD = stdev(src, lenSD)
SDWMA13 = wma(SD, sdavg13)
SDWMA22 = wma(SD, sdavg22)
//ATR with MA
lenAtr = input(title="atr length", defval=1)
oatr = atr(lenAtr)
atravg5 = input(title="WMA ATR", type=input.integer, defval=5)
atravg13 = input(title="WMA ATR", type=input.integer, defval=13)
atravg22 = input(title="WMA ATR", type=input.integer, defval=22)
ATRWMA5 = wma(oatr, atravg5)
ATRWMA13 = wma(oatr, atravg13)
ATRWMA22 = wma(oatr, atravg22)
//Volume with WMA
VOLMA5 = wma(volume, 5)
VOLMA10 = wma(volume, 10)
VOLMA20 = wma(volume, 20)
//Pocket Pivot
greenDay = close >= close
redDay = close < close
highVolume = highest(volume, 10)
Redvolume = iff(redDay, volume, 0)
Greenvolume = iff(greenDay, volume, 0)
TopGreenV = highest(Greenvolume, 10)
TopRedV = highest(Redvolume, 10)
PocketPivotVol = volume > TopRedV
PocketPivotDay = PocketPivotVol and greenDay
// VARIABLES
Blue = close > High52 * 0.75 and close > Low52 * 1.3 and WMA50 > WMA100 and
WMA50 > WMA200 and WMA100 > WMA200 and
SD < SDWMA13 and SD < SDWMA22 and SDWMA13 < SDWMA22 and
oatr < ATRWMA5 and oatr < ATRWMA13 and oatr < ATRWMA22 and ATRWMA5 < ATRWMA13 and
ATRWMA13 < ATRWMA22 and
volume < VOLMA5 and volume < VOLMA10 and volume < VOLMA20 and VOLMA5 < VOLMA10 and
VOLMA10 < VOLMA20 and low <= WMA10
// PLOT
plotshape(Blue, title="Blue dot", text="+", textcolor=color.white, style=shape.circle, location=location.bottom, color=color.navy, transp=0, size=size.tiny)
plotshape(PocketPivotDay ? 1 : na, title="Pocket Pivot", style=shape.triangleup, location=location.belowbar, color=color.navy, size=size.tiny)
plot(High52, title='52 Week High', trackprice=true, color=color.orange, offset=-9999)
plot(Low52, title='52 Week Low', trackprice=true, color=color.orange, offset=-9999)
Pocket pivotgreenDay = close >= close
redDay = close< close
highVolume = highest(volume, 10)
Redvolume= iff(redDay,volume,0)
Greenvolume= iff(greenDay,volume,0)
TopGreenV= highest(Greenvolume, 10)
TopRedV=highest(Redvolume, 10)
pocketPivot = volume > TopRedV
pocketPivotDay =pocketPivot and greenDay
plotshape(pocketPivotDay? 1:na,style=shape.triangleup, location=location.belowbar, color=aqua, size=size.small)
Swing trade BUY HINDCOPPER Symmetrical triangle breakoutSwing trade BUY when closes 39.5 or above
TGT 42/43.5/45
SL 37.5
Possible Elliot Wave Count - Hindustan CopperHindustan Copper has completed waves 1-3 and currently in wave 4 so accumulate anywhere between 97-89 with stop loss 73 for targets 116-140. There is a possibility that the move from 40 odd levels could be wave 1 of a new impulse or it could be wave C in an ir-regular correction. Either way minimum Hind copper has to make one more high above 110 to complete the 5 wave structure so good stock to buy on dips for minimum target of 116 which could extend much higher as well.
