* Universal cable weekly chart trading above its important resistance level if it sustain.We can see up move towards 154.00/180.00 level with the help of 105.00 support level .
* If price pullback some point so add some more quantity up to 113.00 .
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:...
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 Ltd. engages in the manufactures and sells of cables. It also focuses in turnkey projects predominantly relating to electrical cables and capacitors. It operates through Electrical and other Cables, Capacitors, Wires, and Conductors segment. The company was founded by Madhav Prasadji Birla on March 6, 1945 and is headquartered in Satna, India.
UNIVCABLES
