UPL LongThe stock has been trading in a range for a long time , now its about to breakout ; buy when the price gives a clear breakout on the neck line.
Consider the time frame here , I have used 1 Day as TF so the chances of hitting the targets are good only when you hold it for a longer duration. The SL here is of 3.5-4% , so do your Position sizing according to your Risk Appetite .
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UPL
UPL Bearish way ahead ??!!!!Chart patterns convincing me to publish this above titled opinion
REASONS
1. UPL has been trading inside an Expanding Triangle pattern(10 year- from 2013) taking support and resistance at perfect levels till now.
2. Currently it is under the down swing move inside the pattern
3. Pink trendline from 2020 acting as support, Bears trying to get break that trendline ( June 2022 (1st time), Oct 2022(2nd try), now Dec 2022(3rd try)).
4. During the june 2022 and oct 2022, weekly candle broke that line(with wicks), but low didn't get tested and bulls took charge.
5. But, now the Breakdown candle(19 dec weekly candle) is more alike BEARISH MARUBOZU candle with LOW TESTED!!!!
6. This may be a sign of Bearish way ahead!!
7. In the Daily time frame, its been travelling in a channel pattern and respecting it too and currently an inverted cup & handle like pattern too formed in verge of a Breakdown!!(shown below)
8. It is better to not to Go long even if you don't short now!!!
9 . Strong day close above the 775 will pave way for weakness in Bears approach!!
If the stock goes as per levels shown, fib 0.382 , 0.5 can be the Target levels ahead!!
In the short term, we can have SL - day close above 738 and Target as 680
Let's wait and watch, how it is going to move!!!
Note - Just Sharing my view....not a tip nor advice!!!!
4H UPL - Short Position1. Bearish Engulfing Pattern formed at Support and Resistance Area which is price action pattern.
2. Fibonacci Retracement 61.80% level meets the pattern.
3. Trendline is far awy from the price.
4. Take Profit area is correctly calculated at 728.00
5. The current price will definitely reach that Take profit area clearly on my idea.
Congrats...
UPL Swing TradeUPL has formed Double Bottom Pattern. Which is a bullish pattern and it may form W pattern. So we can take swing trade here.
Entry:
We can go long when price gives breakout above the resistance zone with strong bullish candle.
Target:
We can keep target near the next resistance which will be also the neckline of W pattern as marked on chart.
Stoploss:
We can keep stoploss below the resistance zone.
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intradayyou can sell at resistance and buy at support zone OR you can buy on breakout. wait patiently read candles
both side potential
avoid first 15min breakout
wait for 15 min candle closing
targets are marked
if the breakout comes after 10:00 am then the probability of winning will be more.
follow risk management
do your own analysis
do workout
do meditation
start reading books
TECHNICAL PICK UPL 2Upl price is consolidating in a parallel channel pattern on hourly time frame chart so if it will break horizontal trendline resistance then we can go for a buy and if it will break horizontal trendline support then we can go for a short..
For Buy Side-: If it will break the resistance and give a close above on the same hourly time frame chart so we can go long for the target of 774.
For Sell Side-: If it will break the support and give a close below on the same 15 min time frame chart so we can go short for the target of 710.
Target- Identified form coming support or resistance one can check on daily time frame chart.
Stop loss-: Stop loss if it will close below or above on hourly time frame chart on the opposite direction of trade to support or resistance.






















