Shree cement has been in a bearish move and a retest to 38.2% fib levels is also there on the weekly charts.
The stock is trading around 25500 levels and the price action formation is looking bearish.
Bearish engulfing candle and rejection from 20 ema adds on to the confluence. Though the markets are trading at ATH and chances are there of a profit...
Shree Cement has been consolidating in a narrow range for around 4 weeks.
The stock has formed a bull trap on the daily time frame, giving a break out and getting back to the consolidation zone.
It has been facing a rejection from 20 DMA and a bear flag is there.
Moving averages on the hourly time frame are close and the stock can give either side break...
📈 SHREE Cement 📉
My Findings :-
1. Breakout of Downtrending Trendline Zone.
2. Breakout from a swing high.
3. Close above Feb and March high.
4. Higher High and Higher Low formation.
Bias- Long
Target- 27528, 29533 and 31059
SL- 24565
RR- 1: 4
All Important Supports and Resistances are drawn in chart. All levels are on closing basis.
Please have a look and...
Break out with Good volume - Confidence
Next candle with big WICK with heavy volume - Shows the Buying is still absorbing selling
Next two candles Profit booking Because there are big candles but no Volume - Sellers are not Aggressive
So that's the reason for the entry now also is a good one
HELLO FRIENDS,
HERE IS SHREE CEMENT LTD BUY SET UP AS PER GANN SQUARE NEAR 27400 TO 27700 WITH STOPLOSS OF 25900 FOR THE TARGET OF 33300 IN NEXT MONTH.
HAPPY TRADING.
