Will Shree Cements go up ???
Reasons/Traits :
• Measured Move up pattern formation is seen
• Last 3 days candle sticks pattern shows as 3 black crows
• Todays close is exactly at 0.236 retracement level of last swing high and also taking a support of a trend line break out (4)
• Price took support of 12 EMA with decreasing volume
What can happen next :
Scenario 1 : Stock uptrend to continue and reach 31979 (earlier life time high) /32766
Scenario 2 : Downtrend post break down of 0.236 Fib level to reach 0.382/0.5/0.618 or till 50 EMA support level
Disclaimer : This analysis is only for educational purpose and not be considered as any trading idea/tip. Please consult your financial advisor before you take any trade and we are no way responsible for your profits/losses. Thank you!
Reasons/Traits :
• Measured Move up pattern formation is seen
• Last 3 days candle sticks pattern shows as 3 black crows
• Todays close is exactly at 0.236 retracement level of last swing high and also taking a support of a trend line break out (4)
• Price took support of 12 EMA with decreasing volume
What can happen next :
Scenario 1 : Stock uptrend to continue and reach 31979 (earlier life time high) /32766
Scenario 2 : Downtrend post break down of 0.236 Fib level to reach 0.382/0.5/0.618 or till 50 EMA support level
Disclaimer : This analysis is only for educational purpose and not be considered as any trading idea/tip. Please consult your financial advisor before you take any trade and we are no way responsible for your profits/losses. Thank you!
Comment:
scenario 2 activated, broke 0.382 levels as of now
Comment:
touched 0.5 levels and took support, lets see if it sustains..
Comment:
touched 0.618, all levels completed as per scenario 2
Trade closed: target reached:
all targets achieved scenario 2