The stock seems bullish to me because:
1) The stock has Recently Broken its major Resistance level.
2) The Earlier price action signifies its going to rise (History Repeats itself).
3) Elliott Corrective wave has completed and now we are in Elliott Impulse wave zone 12345.
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TREND ANALYSIS & TRADE SETUP
Follow Chart Instruction.
Do not be Hurry for entry.
Wait for Proper Entry Setup.
Buy/Sell with Best Risk Reward.
Educational Chart Only.
You can Comment and ask the TREND ANALYSIS of any STOCK/SCRIPT/INDEX/FOREX.
Wait for entry setup, if available then Long/short.
R:R is 4-6 times.
This chart was used in writing my blog on the topic double tops pattern. The blog is available on the web page mentioned in the chart.
This post is intended to be used for educational purpose only.
Lets have a look at the analysis :-
1> EW Analysis -->
Considering the completion of 5 wave impulse move from low 3332.45 on 28th Jan 2019 till top at 4904.95 on 27th May 2019, we are most probably in zigzag correction. Now, currently we might me in 'y' of 'B'.
2> Classical TA -->
a. formed bullish harami candlestick on daily tf.
b. made 'weak' bullish...
Ultratech cement breaks below a consolidation pattern with a widespread price bar closing near the low price. Notice the break in the rising trend line which also adds to the bearish scenario.
Short at CMP : 4502
Target : 4350
StopLoss : 4574
THIS IS SIMPLE CHART
THE INFORMATION IN MY IDEAS IS PROVIDE FOR EDUCATIONAL OR INFORMATION PERPOSES ONLY.
THIS IS NOT FINANCIAL ADVICE.
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THANKS A LOT
WISE YOU SUCCESS
Trade Nivesh UltraTech Cement Ltd. was observed to be priced at Rs. 4650 which was an increase of 199.5 points from the day's opening price while a change of 255.35(5.81%) points was also observed from the previous trade.
Everthing mentioned on chart
"Idea by Malkiat Singh"
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