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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