Flex, Voltas and now this. What a fantastic pattern.
1900 should come without a challenge. It’s a no brainer.
This is just a chart pattern discussion. Please trade your hard-earned money on advice of a registered stock market expert. I am a newbie trader :)
1) On 15min time frame, It has made a big bullish candle on 2nd Sep. High of that candle was 1608.25 and low of that candle was 1564.20.
Since-then it has been trading sideways in this range and not able to give sustainable breakout on either of side.
Please refer below chart : 15 time frame. ...
#UBL #unitedbreweries potential breakout
breaking out of a major 3 year old resistance and weekly momentum rang shift and bounce in progress
could go long if a green close seen above the resistance on daily. Momentum
and trend is bullish all around. Could be into watchlist for now
1) On Daily time frame it took good support and reversal from 21DMA. And now it is in the critical range and it is to break it or leave it.
Once it starts to stay and trade above 1475 level then it will be good for positional trade with 5% target.
Please refer below chart : Daily time frame. ...
Aggressive entry at CMP 1335
Retest entry of at around 1310-15
Stop Loss at below 1235 on daily closing basis
Short-term target 1504, 1563, 1645++
Nice formation of IH&S Pattern
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UBL (NSE Cash)
Market cap: 307.86B
Rel vol: 2.27
Avg vol: 578.59K
***All technicals are bullish
Daily chart (long term)
The first support, 20 DEMA is at 1154.59 and the first resistance is at 1274.45 so the risk to reward ratio is close to 1:1 which is good.
The chart is in an uptrend...
In the daily chart if we draw Fibonacci Retracement from top to bottom then we can clearly see that United Breweries is exactly reversed from 38.2% retracement level. Take long position guys for the target of 1315.
UBL has given a breakout above its resistance with good volume. The stock looks bullish now for a movement towards 1080/1130.
RSI(14) > 60
PRICE > 50EMA
Keep SL as per your RR.
I will trail my SL after TGT1 hits.