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Updated in charts...
Disclaimer: I am a novice in the markets, so please don't construe your trade basis this chart. I post it to see if my views holds true.
buy shreecem above 14900
Just as observation plan your trade accordingly..
Shree Cements broke out of trendline on hourly .
Has also formed a pin bar at support level on daily timeframe .
Levels mentioned on charts .
See the Chart...
Its look like Shree cement is in distribution phase...if it breaks the line in weekly chart..then it will mark down sharply
AS per charts
06 SEPT 2018
STRONG SUPPORT 18000-18100
IF HOLDS LIKELY TO BOUNCE.
(REVERSAL ABOVE 18400)
#Buy SHREECEM at level 17800 to 17500 stop loss- 17,200 Target 19,000 in 5-6 days.
Converging trendlines in hourly timeframe
Stop 18800 (Weekly Close Basis)
SHREECEM looks like a good swing trade. Go long and hold for a couple of days.
ST & MT supports...As long as its above its safe.
But seeing some of the other big companies, there is a lot of pressure to stay above the supports.
will see it thus it rally to 19000
SHREECEM traded more than average Volume on NSE today with loss of close to 3% however with OI close to 2.6% which suggests that SHREECEM downtrend is about to complete and its close to reversal at lower end of Disjoint Angle formation.
Hence Buy SHREECEM only around 16990 with SL of 16750 and Target of 18160 (atleast 45 sessions)
at support zone, great volume,
Shree cem is at the monthly support level. Good to go long now. Further updates will be given