ACC Continuation Trade.Most cement sector stocks seem to be resuming their upward trend after the recent pullback. Amongst them, ACC looks nice to be traded for a swing trade. After running from the 5th July pivot low of 1975 to the swing high of 2454 on 04th August, it seems to have pulled back completing its 38% retracement at around 2275. It also has pulled back to the 20 EMA and has consolidated there. After this it has given signs of continuation by making a bullish bar with above average volumes as is evident in the chart.
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A long position can be considered keeping the following levels in mind:
LONG ABOVE: 2364
STOP LOSS: 2311
TARGET 1: 2417
TARGET 2: 2470
For a better and surer entry, wait for a 15 min candle to close above the "LONG ABOVE" level with above average volumes.
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Manage your risk properly and trade your plan.
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Acctarget
ACC perfectly followed Fibonacci levels and Technical levels.NSE:ACC
Look how ACC perfectly followed Technical and Fibonacci levels.
First on 15-07-2021,
It went to check demand in range of 2067-2069. And got good supply from there (marked with black circle in Candle Chart).
And after that we can see big green candle, which broke trend line in Candle chart (Marked with blue arrow in Candle Chart) and at the same time it also brake the Bearish Divergence ( Red Line in RSI) trend line. Breakout Point is marked with Blue Arrow in RSI. This shows the breakout and the trend to go bullish.
And as mentioned in chart in my previous post about ACC making bearish divergence, we can only get sell opportunity in ACC if it trades below 2066. So there was no trade to sell ACC on 15-07-2021.
Now Today, 16-07-2021
It closed above our Target 1 as per Fibonacci level. So now the next target to watch in ACC is 2160 as per Fibonacci levels. You can take positional trade.
Hope this helps you to understand the analysis of technical aspect for trading.
Comment below if my Ideas are helping you to understand the analysis.
Also comment your suggestion or doubts.
All the best for trading in next week. Have a good weekend.
ACC Target.NSE:ACC
ACC has maintained good support from 2013.40 and changed the trend from the sideways to uptrend.
Now it is treding above the trendline and taking support on it.
Trader can only buy above 2090 levels with target of 2115 & 2158.
But there will surely come a correction to check support from 2065-2070.