Ambuja Cement

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The stock of Ambuja Cement looks to be in its final fifth wave from its low of 191 made on 22nd November, 2017.

Looking at the chart given above the stock seems to have either completed or about to complete the inner wave four of its extended fifth wave. This last leg of the extended fifth can extend up to price level of 260 - 275 or can and move beyond the upper resistance line.

Any move below the price level of 227 would change the situation. So, it would be detrimental for the long position if price level 227 gets broken downside.
Comment: The stock seems to be on the move to reach its final destination @ 270
last trade price @241
Comment: The way the stock of Ambuja Cement is reacting today on the indian bourses, it seems it will hit its upper band, finger crossed.
The stock is up 2.30% trading @247.30, high until now @247.50.
Comment: The stock is currently trading @267.5, made an intraday high of 268.95. The merger announcement can lead the stock to its all time high.
Comment: Ambuja Cement touched its upper resistance line as shown in the above chart and may see some price reversal.
Current price @269. High of @270.85
The stock may retest its intraday low of 258 over the next 2-3 session. and then may see further up move.
Comment: As said previously that the stock may retest its low of 258 made previous day. Though the same was retested previous day itself, it was wise to wait for further decline if possible. Today, the stock has shown further decline but the same looks to be sluggish and looks to be reluctant to decline sharply.
The stock made low of @256.40 and trading @257.25 until now today. One can go long in the stock for an upside move till @275-285, whereby the impulsive run may get completed with the completion of wave 5 of (5).
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