UltraTech Cement : Analysis
Updated
As per the price Pattern and fib levels market seems to be bullish. As per entry levels Ultratech is at support levels and shown a green candle today.
Their are two possibilities:
1) It will break the trend line and start moving up OR
2) It will consolidate near blue zone shown in the graph.
As per present market nifty seems to be very bullish hence possibility of breaking up is good.
Safe trade would be to wait for Trend line breakout and Retracement. Once if give good conformation and entry can be place and good targets would be Previous high.
The only hindrence in between is 0.23 Fib level where possibility of market consolidation for few days is good.
PS: Trade as per your risk appetite and follow RR Ratio.
Their are two possibilities:
1) It will break the trend line and start moving up OR
2) It will consolidate near blue zone shown in the graph.
As per present market nifty seems to be very bullish hence possibility of breaking up is good.
Safe trade would be to wait for Trend line breakout and Retracement. Once if give good conformation and entry can be place and good targets would be Previous high.
The only hindrence in between is 0.23 Fib level where possibility of market consolidation for few days is good.
PS: Trade as per your risk appetite and follow RR Ratio.
Note
Possibility of being in range is good. Wait for Entry levels.Keep in mind no analysis is 100% true all the time.
Note
Ultratech at a very crucial level. Wait for confirmation of the fall.Possibly a bluff.
Note
If closes below above-mentioned levels then the possibility of reaching mentioned target is good.Trade active
Profit in progress. Might Book tomorrow.Trade closed: target reached
Note
Beautiful Reversal
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.