UPL Bearish way ahead ??!!!!
Updated
Chart patterns convincing me to publish this above titled opinion
REASONS
1. UPL has been trading inside an Expanding Triangle pattern(10 year- from 2013) taking support and resistance at perfect levels till now.
2. Currently it is under the down swing move inside the pattern
3. Pink trendline from 2020 acting as support, Bears trying to get break that trendline ( June 2022 (1st time), Oct 2022(2nd try), now Dec 2022(3rd try)).
4. During the june 2022 and oct 2022, weekly candle broke that line(with wicks), but low didn't get tested and bulls took charge.
5. But, now the Breakdown candle(19 dec weekly candle) is more alike BEARISH MARUBOZU candle with LOW TESTED!!!!
6. This may be a sign of Bearish way ahead!!
7. In the Daily time frame, its been travelling in a channel pattern and respecting it too and currently an inverted cup & handle like pattern too formed in verge of a Breakdown!!(shown below)
8. It is better to not to Go long even if you don't short now!!!
9. Strong day close above the 775 will pave way for weakness in Bears approach!!
If the stock goes as per levels shown, fib 0.382 , 0.5 can be the Target levels ahead!!
In the short term, we can have SL - day close above 738 and Target as 680
Let's wait and watch, how it is going to move!!!
Note- Just Sharing my view....not a tip nor advice!!!!
REASONS
1. UPL has been trading inside an Expanding Triangle pattern(10 year- from 2013) taking support and resistance at perfect levels till now.
2. Currently it is under the down swing move inside the pattern
3. Pink trendline from 2020 acting as support, Bears trying to get break that trendline ( June 2022 (1st time), Oct 2022(2nd try), now Dec 2022(3rd try)).
4. During the june 2022 and oct 2022, weekly candle broke that line(with wicks), but low didn't get tested and bulls took charge.
5. But, now the Breakdown candle(19 dec weekly candle) is more alike BEARISH MARUBOZU candle with LOW TESTED!!!!
6. This may be a sign of Bearish way ahead!!
7. In the Daily time frame, its been travelling in a channel pattern and respecting it too and currently an inverted cup & handle like pattern too formed in verge of a Breakdown!!(shown below)
8. It is better to not to Go long even if you don't short now!!!
9. Strong day close above the 775 will pave way for weakness in Bears approach!!
If the stock goes as per levels shown, fib 0.382 , 0.5 can be the Target levels ahead!!
In the short term, we can have SL - day close above 738 and Target as 680
Let's wait and watch, how it is going to move!!!
Note- Just Sharing my view....not a tip nor advice!!!!
Trade active
Comment
Its right at the resistance!!!Trade active
This is the move...that I expected!!!LOWER LOW FORMED!!!
BEARS HOLD STRONG!!!!
Comment
Moving in a descending channelComment
Bearish pennant!!!
Comment
good followup!!!
Comment
Bears getting stronger hold!!!Comment
Looks like we can expect the down move now...(volume unusual)wait for it to make lower low and then enter!!
Trade active
Made lower low!!Comment
Moving as expected!!!
680 can be intermediate support!!!
Comment
680 DONE!!!!Comment
660 done!!!!can act as good support!!!
white channel support next at 620 range mostly!!!
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