Ultratech Cement downtrend
Updated
The stock has formed a down channel with lower high and lower bottom.
1. The stock has retraced to 50% fib level and came back to 23% fib level.
The stock is currently in potential reversal zone as 4092 is long term support and the last candle was a doji indicating indecision.
RSI and stochastic is confirming the downtrend.
2. One can short at current level with strict SL at 4184 for a target of 3972 and 3792.
1. The stock has retraced to 50% fib level and came back to 23% fib level.
The stock is currently in potential reversal zone as 4092 is long term support and the last candle was a doji indicating indecision.
RSI and stochastic is confirming the downtrend.
2. One can short at current level with strict SL at 4184 for a target of 3972 and 3792.
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The stock has moved down to 4020 and hit TSL at 4035 on 19 Oct 2017.
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