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Ultratech

Ultratech cement longLets 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 divergence on RSI on intraday tf, considering 30 min chart. c. the right shoulder is yet to be formed, now why it is yet to be formed? The recent low has not touched the neckline of H&S pattern missing it with approximately 20 Pts; hence right shoulder will be formed at completion of 'y' of 'B' 3> Putting it all together --> Intraday tf it has got support at 4535/40, below that it got support at 4422 range, this levels are the supports to look for. Talking about dips, its not necessary it will move towards support, there is same possibility that it move up. Your strategy can be used to go long at any dip if possible. 4>Conclusion --> a. CMP -> 4550.7 b.Stoploss -> 4489 c.Targets -> 4575/4621/4641 Look on intraday tf for 'weak' bullish divergence --> Previous idea --> Regards, Sharma Yogesh
NSE:ULTRACEMCOLong
by yogi_sharma_elliottician
ULTRATECH CEMENT - short below 3890Everthing mentioned on chart "Idea by Malkiat Singh" if you have any queries regarding above idea or any other stock feel free to D'M On Holi We launched TruStox Community , A community driven platform for Traders with almost all features that a trader needs. Here are some of them:- Regular Study Conferences Collective Fundamental Research Access to Tools from Trader's Toolkit & many more. For More information : Click Here! Note : Trading in any financial market is very risky. We post ideas for educational purpose only. It is not financial advice. Do not hold us responsible for any potential loss you may incur. Please consult your financial adviser before trading.
NSE:ULTRACEMCOShort
by TruStox