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Hindustan Copper

Discussion in 'Technical Analysis' started by sachinmore08, Sep 8, 2012.

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  1. sachinmore08

    sachinmore08 New Member

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    Today Hindustan copper just closed above its one of the resistance level of 265...i think it could be a good buy if it breaks out above 270 with stop loss of 260. Any opinion?
     
    sachinmore08, Sep 8, 2012
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  2. shabbir

    shabbir Administrator Staff Member

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    265 was not a resistance level at all and I prefer buying this stock only above 290 because trend is down in 2012 which I think has stopped provided 240 is not cracked.
     
    shabbir, Sep 8, 2012
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  3. sanjay_sansanwal

    sanjay_sansanwal Contributor

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    Hi!
    Shabbir u r right about above 290 cause it is forming W and 290 will be w breakout but there is so many resistances @ near to that level and I think we should wait to breakout above 320.
    What do u think?
     

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    sanjay_sansanwal, Sep 8, 2012
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  4. shabbir

    shabbir Administrator Staff Member

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    There are so many resistance because it was forming lower tops and lower bottoms but then bottoms are not very distant and so long term supports is also around 230.

    So all those 10 points resistance levels may be just a major resistance level of 300 level.
     
    shabbir, Sep 8, 2012
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  5. sachinmore08

    sachinmore08 New Member

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    yes..got your point. Thanks you both.
     
    sachinmore08, Sep 8, 2012
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