Stock is in downtrend and near support. May give a bounce from here.
Short Term Support : 86 - 88
Medium Term Support : 76 - 78
Long Term Support : 56 - 58
Daily chart pattern indicates a breakout in symmetrical triangle pattern on upside. Volume supports the price. Buy near the level mentioned in the chart.
Immediate Target : 106.
go long only if price closes above 50 and 200 EMA and also by seeing price action it looks like head and shoulder pattern is forming confirms only on close of above 161.long above 143 with stoploss of 136 and targets of 159 and if breaks 163 then 175/185/205.
It has broken out descending 1/1 line and on the verge of crossing 4/1 ascending line. If it crosses 134.5 tomorrow on closing basis, we may see a level of 160 in short term, a level where there is resistance.
1. Action construction rallied from 70 to 200+ in last six months.
2. Now after a small consolidation Symmetrical triangle breakout happened
3. Any Triangular breakout at Top is always bullish sign, now ACE is retesting breakout.
4. Only one concerned from last two days Midcap & Smallcap are Bleeding.
Note --> Do your own Analysis
Long Ace Construction only if last high is broken on daily!! Good symmetric triangle breakout possible!! CCI 100 is also to cross 100 level if breakout sustains on daily!!
Stock had bullish engulfing formation on 22nd Jan with a confirmation signal on 23rd Jan closing above previous close.
Price also moved above 5, 12 and 26 EMA.
Any comments or feedback appreciated.
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NSE:ACE
