UNIVCABLES trade ideas
Universal Cables: BEARISH LADDER TOP Along with ENGULFINGPattern 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. The market is characterized by a prevailing uptrend.
2. Three strong white candlesticks occur much like the Three White Soldiers pattern.
3. The fourth white candlestick closes also higher but has a long lower shadow.
4. The fifth day is a strong black with an open below the previous day’s body.
Pattern Requirements and Flexibility:
The first three days of the Bearish Ladder Top are strong white candlesticks with consecutive higher opens and higher closes. The fourth day is a short white candlestick, but it opens lower and trades lower, leaving a long lower shadow, then closes making a new high. The fifth day is a strong black candlestick that makes a body gap with the fourth day.
Trader’s Behavior:
There is a considerable uptrend for some time and the bulls are happy. Then we see a good upward move. Prices start trading below the opening price and almost reaching to the new low of the previous day, but then they close at another new high. This action is a warning for the bulls telling them that the market will not go up forever. The bulls may then be forced to reevaluate their positions and they may start taking profits. This act is the reason behind the downward gap we see on the last day of the pattern and also the close is considerably lower. A trend reversal has probably occurred. However, a confirmation will still be required on the next day.
Sell/Stop Loss Levels:
The confirmation level is defined as the last close. Prices should cross below this level for confirmation.
The stop loss level is defined as the last high. Following the bearish signal, if prices go up instead of going down, and close or make two consecutive daily highs above the stop loss level, while no bullish pattern is detected, then the stop loss is triggered.
#UNIVCABLESCCI(W) crosses 100
Strength Candle
Reversal Confirmation
BoxBO if crosses 188.80
TGC is true
CCI(all) >100
Crossed 61.8 fibo with strength
Buy Universal cable on dips.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.
Universal Cables: Nice breakout & RetestThis 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.
multi year breakout stock is in full gear as other birla group companies are in full force this stock can zoom too!!!
SL-140/125
Universal Cables: Interesting Price ActionThe 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 CABLESIf Universal cable able to hold 80 then stock can run upto 100-150-200 in next one year
