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ULTRACEMCO

#ULTRACEMCO #RisingWedge long needs to be cautious Ultracemco on weekly timeframe (although weekly closing is pending) is forming a rising wedge pattern and suggest that longs here need to be very cautious or start booking/trailing the profits. Rising wedge pattern can be both a bearish continuation and bearish reversal pattern, when it is accompanied by declining volume it is a deadly combination and a clear signal for trend reversal or bearish trend continuation. There is clear divergence of price and volume visible in charts where the rise from Jan'23 lows to until now hasn't seen increase in volume. Bulls need to protect 6990 level on weekly closing basis to avoid activation of this pattern otherwise there is high probability of this setup getting activated and giving some pain to bulls here and 15-20% correction post breakdown can come. Rising wedge patterns offer very low risk/high reward ratio and often they don't need confirmation of the breakdown as well as the target price which is generally placed around the bottom of the start of the trendline is achieved very fast. This is not a buy or sell recommendation and just an educational post.
NSE:ULTRACEMCOShort
by aktradelearning
ULTRATECH CEMENT trend analysis.NSE:ULTRACEMCO Ultra Cemco is been moving in a uptrend and now it is consolidating in a tight range. The Structure has formed a lower high and if the previous higher low is broken then the new lower low will occur and trend change its direction. on the upside, the last 3 days' candles need to break and be closed above cause they are showing a good rejection from upside. all-important levels are marked on the chart. Comment your Doubts and views. Keep learning Happy Trading.
NSE:ULTRACEMCO
by SANJAYPATIDAR_
2
Cement Stocks in DANGER!🩸Attached: Custom Cement Index/ Nifty 50 Daily Chart as of 21st April 2023 (Note: The above Chart is my Custom Cement Index made up of all the F&O Cement Stocks and this is the Ratio/ Relative Strength Chart version of it, against Index Nifty 50. This gives us an idea of the Relative Strength of the Cement Stocks and used to find out whether they are likely to Outperform or Underperform.) Observations as follows: Price based: - A Clear Double Top Breakdown on the Ratio Chart with Break of Support accompanied by Bearish Power Candles!🩸 - The Ratio was in a Down Trend prior to the Range that formed. Presently the Ratio has rejected from the High of the Range and can head to the Low of the Range - If you Zoom Out on this Chart or go to the Weekly TF, a Bear Flag/ Wedge Pattern is also visible Indicator based: - Daily RSI is now in Oversold (below 30) territory indicating a Strong Bear - Daily MACD which was already in Sell has crossed below the 0 line - DMI is in Sell and ADX may start to turn up All the above Observations signal that the Cement Stock Basket is likely to Underperform🐻/ are Potential Short Candidates📉 ! Some names that have Short Setups are: ACC, AMBUJACEM (already shared in my Related Ideas), ULTRACEMCO, GRASIM, JKCEMENT
NSE:ACCShort
by T_Harth