Disclaimer: The analysis is only for Educational Purpose. Please consult your financial advisor
before taking any investment decision
An ABC correction seems to have ended in UPL after a failed 5th wave. Currently it appears to have finished minor wave 2 of wave 3.
It has broken a declining trendline with volume near the end point of wave 2 with high volume and big bullish bars which matches the personality of wave 3. If the above analysis holds true, then we are in a bull run with minimum upside of 15%-16% from the current levels of 534. A low-risk high reward entry point could be near the retest of the trendline or around 23-38% retracement levels of the last leg
before taking any investment decision
An ABC correction seems to have ended in UPL after a failed 5th wave. Currently it appears to have finished minor wave 2 of wave 3.
It has broken a declining trendline with volume near the end point of wave 2 with high volume and big bullish bars which matches the personality of wave 3. If the above analysis holds true, then we are in a bull run with minimum upside of 15%-16% from the current levels of 534. A low-risk high reward entry point could be near the retest of the trendline or around 23-38% retracement levels of the last leg
Comment:
The stock has shown signs of bullishness in line with our initial analysis. We will monitor closely to see if it follows the expected trajectory. We will provide updates accordingly. Please be cautious as the lingering effects of the election results may lead to increased volatility.