Pattern sell entry @ 279.10, Confirmation if stays Below 278.70 for 30 mins.
Definition:
This is a five candlestick pattern that starts with three strong white candlesticks. The uptrend continues with the fourth higher close. The next day gaps lower and closes much lower than the previous day or two. This may imply a bearish reversal.
Recognition Criteria:
1....
As can be seen the stock is going strongly moving upwards and is going fast. Advisable to buy on dips. Look for consolidation moves sideways for a couple of weeks to add a bigger position.
This chart is a nice case study on those interested in identifying support, resistance and breakouts. After a big breakout, price dribbled lower to seek support at the prior highs, that acted as support. Notice the drop in volume during the fall and the pick in volume last week.
Interesting stock and I bought a few last week. Will add more on further rise.
The stock has been in a consolidation for a while now. There has been some semblance of buying interest in the past few weeks. The recent price action indicates tight consolidation near a short-term resistance. A breakout past 110.6 would be interesting event to look forward to. Am watching this one for potential long entry.
Universal Cables Limited is engaged in the manufacturing, and sales of electrical and other cables, capacitors, conductors and others. The Company offers power cables, such as extra high voltage (EHV), medium voltage (MV), low voltage (LV) power and control cables, and light duty wires and cables for winding wires, flat cables and flexible cables. The Company's product portfolio for capacitor division comprises low tension (LT) and high tension (HT) capacitors for over 130 kilovolts (kV) Class and also automatic switched capacitors for approximately 11kV Class. The Company has a product portfolio for the specialty cables and caters to the original equipment manufacturers (OEMs) and the infrastructural segment, such as the railways, steel plants, petro-chemicals plants, cement plants, onshore and offshore oil ring manufacturers, ship building, heavy engineering and mining industries. In the LV segment, the Company manufactures various polypropylene (PP) capacitors.
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UNIVCABLES
