Ambuja Cements - The road to recovery looks steep

Aug 9, 2020

The chart shows that the stock has all the ingredients to go up and break the 52 Week High that was recently achieved. However the DAILY chartshows some critical points.

Points to Ponder:

• Price in Overbought Zone with MFI @ 82
  Low volumes
  Last 6 candles are narrow, have small bodies
  Consistent Rejection from 227 levels
  The Stock has Control Price at 205.
  

A breakout from this level will create another story for the stock. Be careful.

Aug 11, 2020

Note

The stock is facing constant rejection from the Sellers.
MFI is still above 80 and the long wick at the top tells the whole story
However a constant push from the buyers with high volumes can change the whole picture.
I am avoiding this stock at the moment.