On analyzing the ongoing price action and wave analysis it seems that UBL will try to touch upper boundary of the bullish channel.
Red lines on the chart indicate nearest resistance.
United Breweries is again and again testing the support, currently in a Downtrend, and can be a good candidate to short once it breaks this important Support
Key Levels for MCDOWELL : INTRADAY AND POSITIONAL VIEW
UPPER BREAKOUT~523.95
FIRST TARGET~528.65
INTERIM RESISTANCE~532.70
FINAL RESISTANCE~537.10
*****************************
LOWER BREAKOUT~516.50
FIRST TARGET~512.25
INTERIM SUPPORT~508.35
FINAL SUPPORT~503.10
My views are for educational purposes only.
Please trade with caution and consult your financial...
NSE:UBL
refer chart for day trading levels
trading tips:-
1) don't Invest more than 10% of your total seeds in any call.
2) Never trade without stop loss.
3) Use trailing stop to maximize your profits
As seen on UBL weekly chart the upside looks capped and there is a high probability of a bearish move once 1215 is broken.
UBL bulls who bought it at very low levels and currently holding it with profit can book profit on every rise or maintain a save profit at 1215 to preserve your profits.
Investors avoid it completely (even buying on dips/averaging).
Lets wait...
