It is clear from the charts that the stock is trading in a parallel channel. yesterday's price was rejected from the upper resistance. if the pattern continues, it should come down to the indicated levels.
The logic behind entering here is a good risk-reward ratio at the moment.
Only for learning and sharing purposes, not a piece of trading advice in any form....
It may take support here as the stock is in uptrend first expectation is that it will continue the trend. Let it take support and then let it give low risk entry point then enter. If it is not coming then let it go..
Good technical pattern under formation. Once the triangle breaks on the upside there can be target of 11000. All the cement companies shares are doing good except ACC & Ambuja which are under pressure due to other reasons. Hence, It will be good to take this bet as whole sector is performing there are higher chance of breakout but for safety perspective SL has to...
Ultratech Cement after breakout its Ascending Chart Pattern trying to sustain above Levels but not get Sustained and get major or Agressive SellOff
If ULTRATECH cannot hold 6850 Support we can see further down move untile next support which is 6100 approx
KEEP AN EYE ON IT….!!!!!
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....
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
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Trade Secrets By Pratik
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Disclaimer
SEBI UNREGISTERED
This is our personal view and this analysis
is only for educational purposes
Please consult...
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.
Happy Trading!
InvestPro India Team
Namaste!
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
-two probablities
1) 1HR- resistance broke and will now act as support
2) 1HR- resistance broke and its turned out to be fakeout
Namaste!
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,...
