#ULTRACEMCO has formed #Harmonic #Bullish #Shark #Pattern at price around 3909 , coincidentally it is forming Deep Crab too (Already touched PRZ), One may decide to wait for inr 100 dip before deciding to enter into a trade...Decent up move expected , view negated below 3780 closing!
It has been falling continuously for past couple of weeks , hence it is going to...
Ultratech Cement is up for a bearish move towards 4375/4200/4050. Stock is making LH-LL and weekly charts have generated a bearish crossover. So timeframe may be longer and quicker results not expected. RSI on weekly scale have fallen below 60 mark. One can trade with a bear put spread for August expiry instead of shorting futures directly. Planning to deploy...
What and where you could have sold it?
In intraday time frame we had a bearish divergence as marked with an arrow. Once it fell from the top 4707 and made a bearish divergence we had chance to sell, but what would be the sl? That would be the high of today.
What would be safe entry ?
After 1 hour of bearish candle reversal, we could have sold near bounce at 4670...
ULTRACEMCO (UltraTech Cement Ltd) BUY ABOVE 4665
ULTRACEMCO has shown a good accumulation at 4500 to 4600 levels, if it breaks 4665, then stocks will touch 4750-4800-4850 in a few days.
Lets have a look at the analysis :-
1> EW Analysis -->
Considering the completion of 5 wave impulse move from low 3332.45 on 28th Jan 2019 till top at 4904.95 on 27th May 2019, we are most probably in zigzag correction. Now, currently we might me in 'y' of 'B'.
2> Classical TA -->
a. formed bullish harami candlestick on daily tf.
b. made 'weak' bullish...
UltraTech Cement Limited is engaged in the business of cement and cement-related products. The Company manufactures a range of products that cater to construction needs from foundation to finish, including Ordinary Portland Cement (OPC), Portland Blast Furnace Slag Cement (PSC), Portland Pozzolana Cement (PPC), white cement and white cement-based products, ready mix concrete, including specialty concrete, building products, such as aerated autoclaved concrete (AAC) blocks and joining mortars and a host of others in retail formats. Its geographical segments include India and Rest of the World. The Company focuses on various areas, including alternative fuels, waste heat recovery systems, carbon dioxide emission reduction, waste management, water re-cycling and bio-diversity management. It has over 10 integrated cement units, approximately 10 grinding units, a white cement unit, a wall care putty, over five bulk terminals and over 100 ready mix concrete units.
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ULTRACEMCO
