As per daily charts,
the stock is in strong downtrend as indicated by ADX. RSI broke its previous low and entered bearish zone. 20 SMA crossed 200 SMA `from above indicating further weakness . Target is 6130.
-Daily- rsi divergence
-support zone will act as resistance zone at the daily time frame
-two probablities
1) 1HR- resistance broke and will now act as support
2) 1HR- resistance broke and its turned out to be fakeout
Bullish view for the counter
Disclaimer:
The content of the idea and the interpretation of data are solely my personal views which being said I do not warrant its completeness or accuracy.
This idea published is purely intended for educational and informative purposes, I urge traders to make their own trading decisions based on their specific trading objectives...
NSE:ULTRACEMCO
weekly time frame ; inverse head and shoulder pattern
day candle brake the trendline with good volume brakeout
wait for proper neckline brakeout .then take long position
Ultracemco forming inverse Head&shoulder Pattern on long time frame chart.
Above 6920-25
Tgt 7000-7050-7100 in very short term
Keeping on radar Ultracemco 6900 CE
After the previous post on Ultratech where the target was hit beautifully, it has given another break after having a TIGHT consolidation during
the formation of a triangle after support from the 200 EMA constantly.
Very High probability with a possibility of a Golden Cross coming in.
Target to Next High Of 7497
Stop loss inside triangle.
Keep It Simple
NSE:ULTRACEMCO
Note :
1.One Can Go long with a Strict SL below the Trendline or Swing Low of Daily Candle.
2. Close, should be good and Clean.
3. R:R ratio should be 1 :2 minimum
4. Plan as per your RISK appetite
Disclaimer : You are responsible for your Profits and loss, Shared for Educational purpose
![ULTRACEMCO: [symbol="NSE:ULTRACEMCO"]NSE:ULTRACEMCO[/symbol]](https://s3.tradingview.com/q/qfexcp9I_mid.png "[symbol=\"NSE:ULTRACEMCO\"]NSE:ULTRACEMCO[/symbol]")
