views on AMBUJACEM on NSE (INDIA)This is weekly chart of Ambujacem (spot). Following observations indicate that it might soon give an opportunity to go long in this scrip:
1. It has been trading in a range 185 to 280 since May 2014. It has made a low of 188.50 in the last week and finally closed at 190.45. This implies that it is trading at lower range near support which has been respected many a times in past.
2. As mentioned in the preceding point, range indicating support and resistance have been drawn on the chart.
3. Bullish divergence as marked on RSI in the chart can be seen signifying loss in momentum towards downside.
In view of above observation, it can be a good forthcoming long side trade with favourable risk-reward ratio if it shows reversal bullish candle on chart in near future.
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Tradingrange
IGL can return to test for activity near Earlier Trading rangeIGL a stock which is powerful on monthly and weekly. is not a stock to short for big money, not until 882 is accepted. 790-880 which was a trading range for IGL in 4hours charts was successfully broken by a WRB(wide range bar) and got a good follow up. now a spining top is formed and a small bearish inside candle followed up.
Expect a test of 882 which was the high of previous trading range and if buyers are found there then quick move to 950 on cards..
Long near 882
SL 845
Tgt 950
Short time hit and run traders can short for 882 but charts shows bulls so better to avoid and stay patient and long on dips.