Ultratech - downtrendUltratech cement has formed a downtrend channel in daily chart.
1. The stock is in potential reversal zone and the doji indicates indecision and could reverse from here.
2. The stock has retraced to 50% level and extended back to 23% level.
3. RSI and Stochastic indicates bearishness for near term.
4. The stock is forming lower high and lower bottom again confirming the downtrend.
One can short at this level with SL at 23% (4185) for a target of 38% (3967) and 50% (3792).
On the other hand if the stock breaks 4185 it will be bullish sign as the stock is in long term support of 4092. So strict SL is advised.
