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There has been some liquidation on the charts and OI has increased around 6% indicating a short build up hence initiating a SELL 7175 levels. Although this trade should be taken keeping in mind nifty is at oversold levels and can witness a sharp shortcovering spike anytime during the day.(27th Feb 2023)
Theory:
DIAGONAL:
Diagonal are the motive waves like an impulse wave, but diagonals are different from impulse wave in that they do follow the first two Sutras (rules of impulse wave) for wave analysis, but it does not follow the third one i.e. Wave 4 should not intervene the territory of the wave 1. In a diagonal wave 4 always enters into the price territory of...
1. base formation post volatile break down
2. range ~ 7000-7300
3. yearly RS breakout
4. attempted breakout backed by volumes
5. recent swing low 6600
trade
1. break of base consolidation with close
- Gave BO from a Inverted H&S
- Consolidated above the neck line
- Volatility contraction before BO (Hourly candle closed above the resistance)
- Increase in volume.
Disc :- Not a buying recommendation, I am not in it yet.
The cement stock is building positive momentum, all the EMA are inline at 30 min TF.
Once the resistance line is crossed, the stock may not give chance to entry at expected level.
After todays .25 % hike. There is no negative news expected in the market soon.
The above impact is already absorbed in the market.
Take you own decision and consult your financial...
- 1st the stock gave a BO of a HnS formation and then fell below the Neck line with good candle and volume, and Hit the SL of the Buyers' and trapped the sellers
- Now again giving BO of with with fully engulfing the Previous candle
Good technical pattern under formation. Once the triangle breaks on the upside there can be target of 11000. All the cement companies shares are doing good except ACC & Ambuja which are under pressure due to other reasons. Hence, It will be good to take this bet as whole sector is performing there are higher chance of breakout but for safety perspective SL has to...
ULTRATECH cement is consolidating in a triangle pattern on hourly time frame chart so if it will break falling trendline resistance then we will go for a buy for the given targets above and if it will break support then we will go for a sell for the targets given below.
BE A HERO ALWAYS ✌🏽✌🏽✌🏽✌🏽
Ultratech Cement after breakout its Ascending Chart Pattern trying to sustain above Levels but not get Sustained and get major or Agressive SellOff
If ULTRATECH cannot hold 6850 Support we can see further down move untile next support which is 6100 approx
KEEP AN EYE ON IT….!!!!!
Chart does show indications for the above opinion .
1. Inverted Heads and Shoulders pattern (both daily and weekly time frame shows it clearly)
2. Cup & Handle pattern in Daily time frame
3. Entry only after a Breakout above the pink trendline !!
4. 1st Target can be depth of cup nearly 900 points.
5. After achieving the target of cup & handle, we can move...
Price is facing difficulty to go beyond 7250-7300 levels since December. Looking at the option chain 7200 CE for 25 jan expiry has highest open interest, trading at a premium of 140. 7350 becomes an important level from the option chain perspective as well. Overall this will tell you the behaviour of stock at various levels.
