Leader of the India cement pack. Ultratech cement at 200EMA. Every other big cement company faced resistance at the 200EMA and couldn't cross it.
Could this be sectorial weakness?
If Ultratech falls below it'd be worth shorting stocks from this sector.
ps: ACC, Ambuja, Shree, Dalmia Bharat all couldn't cross 200EMA.
ULTRACEMCO is now at an interesting phase. Currently week candle is below 200 Week SMA. We are seeing this after almost 9 years
We need to see if ULTRACEMCO is going to bounce back above its 200 Wk SMA or fall towards 2450-1900 levels.
ULTRACEMCO bulls might get some relief if it closes at least above 3430 (if not above 200 Wk SMA at 3560) by Friday market close.
ultratech cement made narrow range 4 as well as narrow range 7 with insider candle on daily chart as well.Also we can see that there is flag pattern on daily chart so Above 3800 it can zoom to 4100 level with stop of 3700..
Short for the target of 3600 on 16th October 2018. Today's bearish engulfing pattern on the daily chart suggest that still the bears are in control to the price. But the current price is at the same zone from where the last time it has shown the upward move. The positional and swing traders can wait until we can see the price moving at least 5% above the current ...
After the cycle of downward movement, the price of Ultratech cement is on the same place from where it has started the rally last time. But the today's Bearish engulfing pattern suggest that still the bears are in control and the price seems to be hovering around the same zone for some time until the bulls try to take the price up for another rally. So, positional ...