UPL | Surgical trike

Dec 13, 2020

UPL had dropped to 250 levels in the corona meltdown. it majorly moved within a channel. It gave 3 major entry points in long positions :
1. 250
2. 340
3. 475

It broke the Trend line at 500 giving entry for short opportunity. Shorts has to booked at 400.
Again it broke the Trend Line (TL) at 444 giving fresh long position entry.

10th Dec there was some whistleblower warning about tax siphoning by UPL management which made the stock fall 11%. Currently it is retesting support at the previous TL at 430-444.

Good to enter UPL in long if this TL holds for a target of 500

Things to watch out:
1. TL holds strong
2. No further bad news (investigations to come clean )
3. Final SL 400
4. Hedge must since whistleblower might put news suddenly and send the stock nose-diving again

Dec 18, 2020

Note

Good to book partial profits in range of 460-475

Jan 11, 2021

Trade closed: target reached

Exiting Long positions here. Both in Cash & Future/Options . Enough points made