imdbeststocktrader

AMBUJA CEMENT - DAILY - LONG

Long
BSE:AMBUJACEM   AMBUJA CEMENTS LTD
66 views
1
Good opportunity to go Long.

Need to exit the trade if price breaks the trendline.

Retracement at Point B is almost equal to retracement at Point A. Reversal is expected

Stop Loss: 251.41

Target 1 : 262.49

Target 2 : 276.10

For past few days price is moving in a range at monthly support/resistance level. There are few wigs at around 250 level. This indicates that traders are ready to buy at that level even though there are traders selling a that level.
Trade closed: stop reached: Price broke the channel. Stop reached. Closed the trade.

Comments

Looking to go long from the support levels at 235-240. What are your views ?
Reply
Fundamentals:

Today Ambuja's Q3 results were out. Sales volume has fallen. Not looking good. We will get more stable reaction from the market tomorrow.


Technicals:

Price has broken the trend line and it is near 200SMA which can act as a support. However, I feel it won't hold and the price will fall further. The price can fall furhter till 220 - 210 mark.



As of now I would suggest to wait and not to go long.

Also as per current market scenario I would suggest to place stop loss for all the trades that you order
Reply
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