As you can see the stock is traveling in a range that is forming a rising parallel channel. If does not breach the lower side of the channel, we can anticipate the price to move up to 9000.
This setup fails for the time if the price breaks down of the lower channel support.
Only for learning and sharing purposes, not a piece of trading advice in any form.
All the best.
Observed Price consolidated and gave Bullish Break of Structure ...
In my View..
Currently Market in 4 Hr Bullish Correction...
Buying Monthly Call Option looks Good at given marked zones.
Ultratech cement is consolidating above the previous swing highs. Such consolidations usually pave way of Breakout in the direction of trend. ( Trend continuation ). A strong close below 8073 levels would negate the view.
Above 8500 this stock is ready for new lifetime high and its five digit figure .stock is sideway in between 500 pts in daily candle after and breakout of 8500 this stock is no stop
It is clear from the charts that the stock is trading in a parallel channel. yesterday's price was rejected from the upper resistance. if the pattern continues, it should come down to the indicated levels.
The logic behind entering here is a good risk-reward ratio at the moment.
Only for learning and sharing purposes, not a piece of trading advice in any form....
Looking good for buying once the trend line breaks or wait for the reversal at bottom trend line.
Also make sure to follow the index trend and take position accordingly.
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NSE:ULTRACEMCO
Ultra Cemco is been moving in a uptrend and now it is consolidating in a tight range.
The Structure has formed a lower high and if the previous higher low is broken then the new lower low will occur and trend change its direction.
on the upside, the last 3 days' candles need to break and be closed above cause they are showing a good rejection...
ULTRATECH Weekly Chart Suggest 50% upside in next 1 Year
Weekly CUP Pattern Breakout on ULTRATECH
LTP - 8220
SL - 7200
Targets - 12000+
Time frame - 1 to 1.5 Years.
Happy Investment.
ULTRATECH CEMENT LTD
Key highlights: 💡⚡
✅On 1Hour Time Frame Stock Showing Breakout of Falling wedge Pattern .
✅ Strong Bullish Candlestick Form on this timeframe.
✅It can give movement up to the Breakout target of 8565+.
✅Can Go Long in this stock by placing a stop loss below 8140-.
ULTRATECH CEMENT
Key highlights: 💡⚡
✅On 1 Week Time Frame Stock Showing Breakout of Rising wedge Pattern .
✅ Strong Bullish Candlestick Form on this timeframe.
✅It can give movement up to the Breakout target of 9660+.
✅Can Go Long in this stock by placing a stop loss below 7350-.
