INDIACEM trade ideas
Buy the beast...This scrip has always tested my patience and also rewarded the patience. Short term trader can trade for channel target 220.
Actually as per my view, it's forming a leading diagonal pattern, one can also consider this scrip for long term perspective but not at this price and at this moment , wait for retracement till 150 to 160.
Triangle pattern in India cements-Another entry possible-
Following my previous post for a monthly
breakout.
-> The stock is forming a pattern again.
-> Enter near the support or after the triangle
pattern breakout.
-> Targets as per my previous post but you also
make a target as per this triangle pattern.
All the best :)
India Cements - At the Cusp of a Multi Year BreakoutAfter a failed breakout above the short term resistance trendline ( blue coloured "Resistance TL" on the chart) in mid May, the India Cements stock has moved above the prior resistance trendline once again this week.
The last breakout attempt failed at the long term resistance trendline (red coloured TL on the chart) which is a 13 year old trendline and a break and close above this trendline will lead to a very strong upmove in the medium to long term.
Target : Once the stock closes above the red trendline especially on a monthly basis, the stock will target the 2018 high of 220 odd and will eventually target the 2008 price levels of 260-280. This is an ideal medium term target for this stock.
Stoploss : One can hold longs with a WCB stoploss of 180 which is a very strong weekly support.
India Cements is a great mid to long term buy and should be ideally considered a long term investment at this price.