This is a bearish stock and attempted to break the trendline, but couldn't do it.
So I'm bearish on this stock. Short Risk/Rewards is 3.07 and mentioned the same in chart.
Target - 102.95
Maintain STRICT stop loss at 133.1
Ultratech has taken support multiple times , and I think it will be very good buy on 4015 level for another 240 INR profit around 6-7 % in next few days .
Analysis - Stock is in uptrend , took support multiple times on trendline and reversed from the support zone .
stock has good pullback .
Horizontal support and trendline created buy signal .
Statement (1) : As per "No trading activities", the price is not going to cross above the Control Price which drew by blue color.
Statement (2) : Presently, Nifty is again going to high volatile as show by Remarkable box .
Statement (3) : From the timeCycle, approximately move projected by (A),(B) and (C) .
As per channel, the main support is 10525 below...
Often we see situations like above chart where it is difficult to decide which trendline is correctly drawn. Truly no one can actually tell which trendline is more correct than the other. And Is it the break of AB or AC or DE which should be considered to take the trade?
When ever there is such a situation, it is wiser to give secondary importance to these TLs ....