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Ambuja Cement : An interesting possibility of cup-handle patternI am seeing an interesting possibility in NSE:AMBUJACEM . The price-action has the following characteristics: It's creating an ascending triangle pattern over weeks - bullish A very long rounding-bottom/saucer pattern formation is completed. It's near to the price breakout. Volumes, Cumulative Open interest long buildups all are fine. No issue: Bullish indication Now I can postulate two possibilities: If price stays above the horizontal trendline at CMP decisively, the possible higher range breakout is done and its clearly going to go up (shown by a slanting up arrow) There is a possibility price will retrace back at the ascending line of the ascending triangle then it will come upto the hand-drawn circle in the chart. Then we need to see if its able to create a Cup-and-Handle pattern from the saucer pattern and get a nice breakout later on. Which I am applying an interesting Time Series prediction algo (ECHO by LuxAlgo) with cumulative predictive method - I am seeing it's going to be a Cup-and-Handle and then a breakout towards Dussera timeframe. (I know people will laugh at me ... I am just seeing it in the chart by predicting naively the future price looking at the previous price patterns using the TimeSeries prediction with cumulative averaging. Two additional factors to remember: Overall, market shows a short term trend reversal. However, Cement sector is very strong. So lets see another 1/2 days of price action before jumping into it. Overall: I am bullish .. now or after Dussehra (Oct 1st week).
NSE:AMBUJACEM
by pradipandsuvra
Pidilite: Runaway Bullish formation before 10th Aug ResultsPidilite: Runaway Bullish formation before 10th Aug Results Bullish breakout from a long term rounding bottom formation with very high positive volume. Last 8 trading sessions, it's a runaway green candles and bullish kickers. That's pretty uncommon. A 6months old resistance line is decisively broken this time, after testing thrice. Most likely the Q1 result will be a bumper result (on next Wednesday). Cumulative Open Interest (COI) is pretty high and showing long buildup. OI data is even interesting. 93K Puts are there at 2600, clearly a support. Out of 93K, 39K Puts are added in last week. There are good amount of (36k) Calls are added at 2640. All of those people will be trapped once Pidilite stays above 2640 on next week. Plus: There are 54K calls are written in 2660, out of which 53K is added recently. Support : 2600 (from OI data) Resistance : 2660 (from IO data), 2700(from OI data), 2725 (previous swing high in chart).
NSE:PIDILITINDLong
by pradipandsuvra
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