Ultratech cement- the big becoming biggerthe markup target has been derived from this point and figure chart..
This is a classic case of stepping stone reaccumualtion
there is one prior reaccumualtion which needs a special study as a case
will be updating below
Disclaimer.. Not invested, Not an investing / trading recommendation
UCLQF trade ideas
ultracemco - Short ideaThe stock is facing resistance at 4600 level after a breakout at 4500 level.
One can go short at or below 4540 with SL at 4600 for T1 - 4500 T2- 4450
alternatively one can go short on 4600CE at 62 and 4400 PE at 30 for 18400 in 8 days.
Keep strict stop loss for the following reasons.
1. Cement stocks are surging with some expectations from budget
2. It is consolidating after a breakout
3. It is against trend.
Please keep options for hedging
Is it what I C...?My Disclaimer -
I am neither professional nor a registered analyst with SEBI or any other body, I read price and time charts for my own study and may or may not take any position on any of them.
If I share my study with you, it is purely for Study purpose, and any Profit/ Losses arising out of anyone taking any position shall be at their sole risk and responsibility and I or anyone associated with me shall not be responsible for any instances whatsoever.
Trading or investments are financial decision and should be taken in light of all risk involved and on advise of a qualified, certified and registered professional advisers.
Please do not TRADE until you have made your study or taken a piece of advise.
Thanks.
ULTRACEMCO : Will it break ??Since our previous target of Ultratech Cement reached perfectly. Now 4530 will act as resistance which is 6month high tasted in May 2017 and 4270 will act as support which breached recently and it may try to taste same before crossing 4530.
One can keep this in account keeping 4270 as Stop loss for 4930 target.