AmbujaCement - Bearish Triangle Short

AMBUJA CEMENTS LTDNSE

Description

⋅ Jul 6, 2023 5:53 PM

#AmbujaCement,
forming a bearish triangle at 15Min timeframe.

Where,
Wave A is 1.618 of Wave C and
Wave C is 1.618 of Wave E.

4 to 5% move is expected to downward from here with a Sl of 435,
which gives a risk reward ratio of 1:4.

Trade closed: target reached

⋅ Jul 7, 2023 5:11 PM

Target equal to the thrust of triangle is reached.

Comments

tiwarishivam178

⋅ Jul 7, 2023 2:34 PM

Whats the target on short side ?

armandhull90

⋅ Jul 7, 2023 5:18 PM

@tiwarishivam178, generally target in a triangle is equal to the thrust of that triangle from the end of wave E which is here approximately of 4%,
most of which is covered in today's trading session.

I'll update the chart on a larger timeframe too if you ask.
Regards,
Arman dhull.

tiwarishivam178

⋅ Jul 7, 2023 5:21 PM

@armandhull90 can you publish your view for Monday intraday?

Holding 420PE

armandhull90

⋅ Jul 7, 2023 5:43 PM

@tiwarishivam178, I don't do intraday but positional trading.
I'm very bearish for Ambujacem, more than 20% move is pending to the downside. But if you ask my view for Monday I can't say anything.
We may see a sideways trend or a little pull back in this coming week.

tiwarishivam178

⋅ Jul 7, 2023 5:44 PM

thanks

armandhull90

⋅ Jul 7, 2023 5:45 PM

@tiwarishivam178, your welcome sir.