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.
Comment
⋅
Possibility of being in range is good. Wait for Entry levels. Keep in mind no analysis is 100% true all the time.
Comment
⋅
Ultratech at a very crucial level. Wait for confirmation of the fall. Possibly a bluff.
Comment
⋅
If closes below above-mentioned levels then the possibility of reaching mentioned target is good.