AMBUJACEM
Analysis! Ascending Triangle Pattern in AMBUJACEM on Daily Timeframe!
AMBUJACEM Retesting it's support level!
Ambuja Cements has made Ascending Triangle Pattern on Daily Timeframe. It has given a decent breakout with average high volume. After it retested it's support level. It has made a spinning bottom candle on it's support level. We are expecting a bullish move in Ambuja Cements. RSI is in sync with price, it is also trending upwards for an additional confirmation we have taken RSI Analysis. Rest of all analysis you can find on chart.
Thank You!
Entry = Entry would be at current levels
Stop Loss =Stop Loss below 395.75 which is it's recent swing level. If it breaks the price may fall down.
Target = 548.60 but 485.25 is a probable resistance level kindly observe price behaviour at this level. If strong bearish candle formed(Bwarish Engulfing, Bearish Marubozu etc.) at this level we will exit.
Disclaimer = All my analysis are for Educational Purpose only. Before entering into any trade - 1) Educate Yourself 2) Do your own research and analysis 3) Define your Risk to Reward ratio 4) Don't trade with full capital
Avinash K.