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.
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....
As one can se that stock at harmonic support of this pattern (halfbat), if find reversal in this zone with any good reversal candle then one can go for swing trade any closing below 6006.95 on closing basis and next day if same candle's low break then that could be stop loss for this pattern. target 6800 and above on trailing basis....
EXPLANATION : This is a Daily time frame chart of ULTRACEMCO . The stock has been in a downtrend for days and has formed kind of a head and shoulder pattern . If give a strong breakdown and broke its demand zone with volumes and has retested the same. I am bearish on this stock for the coming days . If taken support from demand zone we buy at the bottom and sell...
After a trendline break , it is currently taking support on 200 EMA (15 min time frame) . It is a good swing trade set targets according to your convenience , and place logical stop-loss . If it breaks its recent high i.e 7450 with a strong bullish candle , it can also give good intraday targets.
EXPLANATION : This is a 4 hour time frame chart of ULTRACEMCO . It has been in downtrend for days the stock on a very crucial level , If ULTRACEMCO taking support from Demand zone & broke its trendline resistance , I am seeing very good buying opportunity in ULTRACEMCO . If stock give a strong breakdown and broke its demand zone with high volumes and retest the...
EXPLANATION: This is a 15 min time frame chart of ULTRACEMCO . The stock has been in a downtrend for days and has formed an Inverted head and shoulders pattern. If stock give a strong breakout and broke its supply zone with volumes and has retested the same. I am bullish on ULTRACEMCO .
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EXPLANATION : This is a 1 hour time frame chart of ULTRACEMCO , It has formed Inverted Cup & Handle pattern breakout & continue down trend . I am bearish on ULTRACEMCO .
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Aggressive traders enter at the breakout and conservative traders may give entry after retracement (Retracement is optional, we cannot expect every stock to take a retest after the breakout, it may also continue to have...
Buy Above 7004.00
SL @ 6800
Targets :- 7199 , 7399 , 7599 , 7799 , 7980
Avoid entries , if there is a Huge Gap Up / Gap Down
Take Entries as per Price Action
** Only for Educational Purposes
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Short only if find reversal. Reversal Zone already Mentioned on chart.
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The stock looks good to short below 5280 for the targets of 5080 and 4820 until 5525 is intact on the upside.
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InvestPro India Team