Rohan21
Short

Downturn likely to end in UltraTech Cem. Short for target 3600

NSE:ULTRACEMCO   ULTRATECH CEMENT
After the cycle of downward movement, the price of Ultratech cement is on the same place from where it has started the rally last time. But the today's Bearish engulfing pattern suggest that still the bears are in control and the price seems to be hovering around the same zone for some time until the bulls try to take the price up for another rally. So, positional and swing traders can hold the breath until we saw price moving at least 5% above the current level. Tomorrow on 16th October, we can see the price tasting the 3600 level. So, intraday players can short it for the target of 3600.

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