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:CNXMIDCAP NSE:ASHOKLEY NSE:ASAHIINDIA NSE:BAJAJHLDNG NSE:GRAVITA NSE:IEX NSE:PIIND NSE:POLYCAB
Good to keep on the radar
Always respect SL & position sizing
Trade Secrets By Pratik
This is our personal view and this analysis
is only for educational purposes
Buy if sustains above 6285 for the targets marked with white line on the chart until 6030 is intact on the downside.
To motivate us, Please like the idea If you agree with the analysis.
InvestPro India Team
I often wonder why do retail people and even institutions sell when the stock has been already fell. Why didn't they sell when the stock was rising?
I follow a simple principal. Either sell it at a profit or don't sell.
Anyways, In the weekly chart of the ultratech, you must have noticed the circles I've drawn.
These circles represent the price as well...
-Daily- rsi divergence
-support zone will act as resistance zone at the daily time frame
1) 1HR- resistance broke and will now act as support
2) 1HR- resistance broke and its turned out to be fakeout
1. Ultratech looks good for a positional/swing trade.
2. Entry price and Stop Loss is marked on the chart. If the stock open gap up, then limit order at the entry price will be placed.
3. This trading idea is only valid till next 4 trading sessions. If entry doesn't execute till then, it will be cancelled.
4. Target can either be booked at 3 times reward,...
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....
Ultratech has been inching up for the last few trading sessions.
RSI is above 55, showing strong momentum. MACD is above the signal line and moving up. Good signals.
Although we see strong green candles, volumes have been below average. Price is trading close to an important resistance zone formed by a falling gap. if we draw a line through this gap, it touches...
📌 To Trade on This Chart, You Should Have Reversal Trading Knowledge. As Harmonic is One Of The Best Reversal Trading Strategy, But Always Remember That Harmonic Patterns Also Can Fail (there is no holly grail In Stock Market). That's Why One Should Must Have Knowledge Of Reversal Trading To Trade On Harmonic Patterns.
📌 That Dash Line Is Called...
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...