Ultratech cement breaks below a consolidation pattern with a widespread price bar closing near the low price. Notice the break in the rising trend line which also adds to the bearish scenario.
Short at CMP : 4502
Target : 4350
StopLoss : 4574
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Long if it breaks the high of the previous day with a stop loss at the previous day's low.
Short if it breaks the low of the previous day with a stop loss at the previous day's high.
In case of gap up above the previous day's high or gap down below the previous day's low, please avoid buying it or selling it respectively. Follow the ending of the candle formed...
#ULTRACEMCO TRADING IN CHANNLE RANGE RSI LOOKING OVERBOUGHT BEARISH DIVERGANCE.
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After more than a year of consolidation, ULTRATECH CEMENT finally appears to have broken out its triangle consolidation. Its certainly worth checking if this breakout is sustainable and then enjoy the long ride. Expect 1000 points move on a good breakout!