Daily Timeframe Analysis – NATIONAL ALUMINIUM CO LTD on Renko
Daily Timeframe Analysis – NATIONAL ALUMINIUM CO LTD (NSE: NATIONALUM)
This is a Renko Chart with 1% brick size, showing the daily price action.
Key Observations:
1. Trend Analysis:
- The stock formed Higher Highs (HH) and Higher Lows (HL) until December 2024, confirming an uptrend.
- A Break of Structure (BOS) occurred, leading to a downtrend from the ₹250 zone to around ₹181.84.
- Currently, it has bounced from the ₹181.84 demand zone, which is a strong support.
2. Support & Resistance Levels:
- Strong Support:₹181.84 (Green Zone)
- Demand Zone: ₹165–₹175 (Blue Zone, marked as "Strong Low")
- Resistance Levels:
- ₹200-₹201 (Current Resistance)
- ₹210 (Major Resistance Zone)
3. Liquidity Areas & Structure:
- Weak High near ₹250 suggests it might get retested in the future.
-Equal Lows (EQL) were formed before the bounce, indicating liquidity was taken.
-Break of Structure (BOS) multiple times in the downtrend, confirming bearish momentum.
- Higher Low (HL) recently formed, indicating potential reversal.
Trading Plan:
Bullish Scenario (If Price Holds Above ₹200):
- A breakout above ₹201-₹210 could lead to a move toward ₹220-₹230.
- Stop-loss below ₹190 (previous support).
- Target 1: ₹210
- Target 2: ₹220
Bearish Scenario (If Rejected at ₹200):
- If price faces rejection, it could retest ₹181.84, or even the ₹165–₹175 demand zone.
- A short opportunity can be considered below ₹190, targeting ₹181.84 and ₹175.
- Stop-loss above ₹202.
Conclusion:
- Price Action Near ₹200 is Key: If it breaks above, bullish momentum may continue.
- Rejection at ₹200: Could lead to a retest of ₹181.84 or even lower.
- Wait for confirmation before taking a position – A breakout candle in Renko will provide a strong directional clue.
This is a Renko Chart with 1% brick size, showing the daily price action.
Key Observations:
1. Trend Analysis:
- The stock formed Higher Highs (HH) and Higher Lows (HL) until December 2024, confirming an uptrend.
- A Break of Structure (BOS) occurred, leading to a downtrend from the ₹250 zone to around ₹181.84.
- Currently, it has bounced from the ₹181.84 demand zone, which is a strong support.
2. Support & Resistance Levels:
- Strong Support:₹181.84 (Green Zone)
- Demand Zone: ₹165–₹175 (Blue Zone, marked as "Strong Low")
- Resistance Levels:
- ₹200-₹201 (Current Resistance)
- ₹210 (Major Resistance Zone)
3. Liquidity Areas & Structure:
- Weak High near ₹250 suggests it might get retested in the future.
-Equal Lows (EQL) were formed before the bounce, indicating liquidity was taken.
-Break of Structure (BOS) multiple times in the downtrend, confirming bearish momentum.
- Higher Low (HL) recently formed, indicating potential reversal.
Trading Plan:
Bullish Scenario (If Price Holds Above ₹200):
- A breakout above ₹201-₹210 could lead to a move toward ₹220-₹230.
- Stop-loss below ₹190 (previous support).
- Target 1: ₹210
- Target 2: ₹220
Bearish Scenario (If Rejected at ₹200):
- If price faces rejection, it could retest ₹181.84, or even the ₹165–₹175 demand zone.
- A short opportunity can be considered below ₹190, targeting ₹181.84 and ₹175.
- Stop-loss above ₹202.
Conclusion:
- Price Action Near ₹200 is Key: If it breaks above, bullish momentum may continue.
- Rejection at ₹200: Could lead to a retest of ₹181.84 or even lower.
- Wait for confirmation before taking a position – A breakout candle in Renko will provide a strong directional clue.
הערה
Position closed , trade went successful and booked 14 points.
181.8 target achieved.
הערה
approx. 14 points booked in this trade.עסקה סגורה: היעד הושג
approx. 14 points booked in this trade.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.