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UltratechCement Level 1 GDSUltratechCement Level 1 GDSUltratechCement Level 1 GDS

UltratechCement Level 1 GDS

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ULCL1 trade ideas

Short for 4150 and 3920 - 3920 with caution.Ultratech is an a long term uptrend . So investors need not worry . But for us traders there is an opportunity make money on the short side . This is a text book perfect wave . The Elliott Channel 1. The move that started in Dec/2016 at 3060 ended at 4531. It was a five wave impulse move . Elliott channel technique says connect end of wave 1 and 2 and draw a parallel line from the top of wave 3 to get the end of wave 5 . In this case perfect channel has been seen . The other rule of the Elliott channel , which is not applicable here, if wave 3 is too steep then use the top of wave 1 . 2. a. A correction has to break the channel it is correcting b. The correction will stop at the previous wave 4 of one lesser degree , especially if it is a wave 4 of one higher degree. In this case waves 4 at one lesser degree is at 4150 but it does not break the channel convincingly . This is 23.6% Fib . But the wave iv of the same degree at 3920 breaks the channel convincingly . This is 38.6 Fib. 3. The structure of the correction is still not complete. Hence a short for atleast 4150 . Cover the shorts here . The stock is in a strong uptrend . Personally speaking dont short bull markets
NSE:ULTRACEMCOShort
by AJAYSHARMA
1
Cement sector opportunitiesUltratech has lost 25% of its value in the past two months due to the demonetization impact. I am long on this stock since fundamentally it is a good stock but in the short medium term it will see some selling pressure. With a P/B of 4, these current dips presents good buying opportunities. Technically note the strong support at 3100 and 2600 levels for this stock and weakness in the RSI indicator. It may be an opportunity to keep adding on dips like it is seen currently.
BSE:ULTRACEMCOLong
by Nar