Ambuja Cement has traced a corrective pattern. Any move above 274- Ambuja Cement is strong- that's why- "Ye Deewar Tootegi Kaise". Above 274 -It can retrace whole down move & even go beyond 277- recent swing high. Regards, Abhishek H.Singh, CMT
Prices have been moving in choppy fashion on upside- once rising trendline gets broken-it should show us the direction- which is likely downside.
Follow up from previous update- "Renuka Sugar- Looking for small rally & big Fall"-- If RS moves above 17 mark -it will confidence the up move & should carry to 18.50-19 Handle Zone. Regards, Abhishek H.Singh, CMT
Going below 181.40 will put pressure on ALLCargo & In its resistance zone 217-220- It had a bearish engulfing candle. which is good sign of weakness in the stock for coming days.
We had a corrective A-B-C Structure in minor iv-wave- let us look for a bounce above 390 going in the zone 394-395 & beyond 395 in the zone 401-403 as mentioned in previous updates.
Once TS crosses the falling resistance line- It will push to 390-391 & going beyond 392- Shall kiss 394 & Above 395- Atlast -should kiss 401-403 Range
Oil is running in 5th wave. I have been looking since yesterday -for 47.20-47.40 zone- It cam close to 47.45- Once crosses 48$- Let us look for 4-5 $ push to carry it in 52-53 Handle.
As per previous update- "TataSteel- Let the Rising Trendline Be Broken".. We exit here & wait to see the price action. If TS starts moving back above 384. In that case TS hasn't finished its iv-minor wave & we can see possible bounce back to 392 & Above 395 it could go to 401-403 -our desired zone. Regards, Abhishek H.Singh, CMT
Since the bottom in the zone 50-55- In traditional analysis we call it double bottom which was activated once 72.50 was taken out & Tata Power started moving upside. The first leg from bottom zone 50-55 is done in the zone 77-78. currently in sideways & time consuming pattern. Trading below 75 & later penetrating 73 as well shall give confidence that TataPower...
Above 200 EMA- HindCopper will set up the stage & going beyond 125- Double bottom is in place- giving us a target equal to 125-42 = 83 - Above 125 mark- so ideally it should go in the zone 200-210 above 125.
In terms of price Renuka Sugar has done nothing since Aug 2015 bottom at 7.10- Its seems that a leading diagonal is forming in sugar- we shall for a small rally to complete the diagonal & then a fall close to 8-10 (retracing almost 80-90%) not below the low@7.10- shall set the stage for fire.
From the top of 1522- ABB is in corrective structure. This structure could complete in the zone 845-865 to finish 2?-yellow wave which will retrace 61.8%- an ideal retracements for 2nd Wave & can confluence with equality distance of Y-Wave. Trading Strategy-1: With Strict Stoploss above 1325. One can look to sell for target zone 920-935 zone first- shall...
Bearish Bat sitting on Biocon's Head - can trouble & give us target 825-827 once goes below 840..below 820 it could be..bigger downmove. so let us wait & watch. Regards, Abhishek H.Singh, CMT
As per previous update- "Tata Steel- A Closer Look in the Wedge"--Price Slipped to take support of the rising trendline..Can we get the bounce now.
Let us trade the box..going 19$. Someone wants to hit the Silver. In that case we shall look for a target zone 16$ to 16.50$.
A possible expanding ending diagonal could be in formation & shall give us more confidence once it overlaps 1st wave at 270..eitherways there is a resistance line running at the head. Price has to stay above resistance incase it wants to go up.
Rising Trendline can Ambuja Cement break & start the downward move..as desired in other updates of Ambuja Cement
Let the price touch a-c trendline for future bounce back.. currently its moving in channel so let us not disturb.