Cement sector stocks are facing a little resistance at the top and let's see if it breaks the zone and starts a new rally in the coming months.
NOTE: I'm not a SEBI REG. Study before investing.
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
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....
