AMBUJA CEMENTS as per day chart analysis Stock ABOVE 585 TARGET 590.
As such the market is volatile with FII 635.35 Cr and DII 558.67 Cr being Net seller for Today (06.12.2022)
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Ambuja cement have give a phenomenon rally from level of 150 to now around 600 levels, almost 4 times in last 2 years,
Counter is now trading around 592 levels which is life high levels for the counter,
Bearish equivalent harmonic ABCD pattern formation with maturity level around 580-611 levels,
now any upward journey in counter should be used to exit your long...
We are looking at weekly chart of Ambuja Cement
- weekly closing high 539.35
- low made thereafter 471.05
The stock has possibly done its short term target on the upside (Jitna neeche utna ooper)
Given the set up one may consider a Bear Call Spread strategy
Sell 560 Call option currently around 8.3
Buy 600 Call option...
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Disclaimer: These are not any recommendations for any funds or stocks and are meant only for educational purposes.
Ambuja Cements - Clear VCP Pattern at Play
Break on upside abv 525 will take the journey till 585
Break on downside below will take the journey till 480
Sl of each other for both the sides
Risk reward 1:1 downside or 1:4 upside
Logic : Range breakout with volume
Entry : 372-376
Stop loss : 369
Target : 385
Disclaimer : This is NOT investment advice. This post is meant for learning purposes only. Invest your capital at your own risk.
Happy learning. Cheers!
Rajat Kumar Singh (@johntradingwick)
Community Manager (India), TradingView
This is the Daily chart of AMBUJA CEMENTS
The price has given a breakout
Reason for entry :
Daily chart Cup and Handle Formation.
Resistance trendline Breakout.
Below the new Support level
450 , 490
There is a specific indicator that is giving a high probability of UP^ move today after yesterday's closing. Expect 9-10% move today.
Disclaimer: Consult your financial adviser before investing.
Note: I am not a financial adviser.
Conclusion: You are responsible for your own trades!
🥂 Cheers! 🥂