Ambuja cements is broadly moving in the range between 183 to 225
But presently there is a sudden down move from 210 High..
How to know whether it is part of a corrective move or is it an impulsive move ??
How to know whether the present down move from 210 is an impulsive move or a corrective move ??
To know that we have to check the previous upmove from 183 TO 210
If you look closely , it took 35 trading days to move from 183 to 210
After that the Down move started
Now if we have to call the next move as impulsive , we have to break the previous low (183) , within 20 trading days (half of the previous)
Presently it is @ 196 and till now it has taken six trading days
Can it break 183 ??
Let us wait and watch
If you ask me , it looks like a corrective wave and is a good buying opportunity in the range of 183 to 190.
But presently there is a sudden down move from 210 High..
How to know whether it is part of a corrective move or is it an impulsive move ??
How to know whether the present down move from 210 is an impulsive move or a corrective move ??
To know that we have to check the previous upmove from 183 TO 210
If you look closely , it took 35 trading days to move from 183 to 210
After that the Down move started
Now if we have to call the next move as impulsive , we have to break the previous low (183) , within 20 trading days (half of the previous)
Presently it is @ 196 and till now it has taken six trading days
Can it break 183 ??
Let us wait and watch
If you ask me , it looks like a corrective wave and is a good buying opportunity in the range of 183 to 190.