#ULTRACEMCO TRADING IN CHANNLE RANGE RSI LOOKING OVERBOUGHT BEARISH DIVERGANCE.
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After more than a year of consolidation, ULTRATECH CEMENT finally appears to have broken out its triangle consolidation. Its certainly worth checking if this breakout is sustainable and then enjoy the long ride. Expect 1000 points move on a good breakout!
Everthing mentioned on chart
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Sell ULTRATECH CEMENT on rise with SL of 4190 and targets of 3819. A confirmation obtained on RSI and a convergence on MACD on the cards that will eventually lead to a downward move. One can book profits on their longs.
ULTRACEMCO is now at an interesting phase. Currently week candle is below 200 Week SMA. We are seeing this after almost 9 years
We need to see if ULTRACEMCO is going to bounce back above its 200 Wk SMA or fall towards 2450-1900 levels.
ULTRACEMCO bulls might get some relief if it closes at least above 3430 (if not above 200 Wk SMA at 3560) by Friday market close.
EDUCATION PURPOSE ONLY
STOCK NAME - ULTRACEMCO
PATTERN - HEAD AND SHOULDER
ENTRY - 3463.25
TARGET - 2548.25
STOP LOSS - 3528.63
RR RATIO - 1:14
www.kiranjadhav.com
EDUCATION PURPOSE ONLY
STOCK NAME - ULTRACEMCO
PATTERN - HEAD AND SHOULDER
ENTRY - 3463.25
TARGET - 2548.25
STOP LOSS - 3528.63
RR RATIO - 1:14
www.kiranjadhav.com
