As you can see the stock is traveling in a range that is forming a rising parallel channel. If does not breach the lower side of the channel, we can anticipate the price to move up to 9000.
This setup fails for the time if the price breaks down of the lower channel support.
Only for learning and sharing purposes, not a piece of trading advice in any form.
All the best.
Looking good for buying once the trend line breaks or wait for the reversal at bottom trend line.
Also make sure to follow the index trend and take position accordingly.
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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...
This includes multi timeframe analysis but I'm posting 2H TF chart for the sake of Candlesticks visibility.
Can give a decent momentum if it consolidates near trendline reason for saying this is the stock has been rallying from 25th may so it needs consolidation.
Please do support me if you like my analysis, and check out my previous ideas as well.
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...
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...
There is an on going chart pattern in the stock Ultracemco i.e., ultra cements
This is on a daily timeframe. The projected target is of ~28% out of which 11% is already achieved. One can go long now as well with a strict SL of current swing low.
Hello Everyone, Today i am back with a wonderful share to swing Ultratech Cement as you can see that there is a Inverse Head and Shoulders and a Slanting Channel which is a very bullish sign, destroying the chances of bear as the Retest is also complete and stock has moved up also. Now coming to targets so if we take the target of the channel it is 7980 at 12%...
The analysis is done on daily TF hence price may take few days to few weeks in order to reach the targets.
Trade setup is explained in image itself.
The above analysis is purely for educational purpose. Traders must do their own study & follow risk management before entering into any trade
Checkout my other ideas to understand how one can earn from stock markets...
Currently, UltraTech Cement is trading over its strong support zone, which previously served as a resistance area.
We can see that the price has come back to test the head and shoulders pattern's breakout & we can see Selling Volume is getting Exhausted.
On the chart, I have drawn a red trendline. Planning a buy trade is possible if trendline breakouts occur.
for...
Ultratech is coming near previous demand zone and Risk Reward looks good for buyers.
To motivate us, Please like the idea If you agree with the analysis.
Happy Trading!
InvestPro India Team
I explained everything in the chart itself & do keep it in mind tht this is a WEEKLY chart so my only point of sharing this is to share my BIAS but if u wanna find entries u should go to the lower TFs.
TRADE AT UR OWN DISCRETION WITH GOOD RISK MANAGEMENT.
Ultra tech cement giving a break out of head and shoulder pattern on the higher time frame.
The stock on the weekly time frame has given a breakout of the inverted head and shoulder pattern with good volumes.
On daily time frame, the stock is halting on the higher levels. The stock as also formed an inside candle on the daily time frame.
3 point confirmation....
NSE:ULTRACEMCO
Good to keep on the radar
Always respect SL & position sizing
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Trade Secrets By Pratik
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Disclaimer
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