AMBUJA CEMENTS | BULLISH BREAKOUT | 15% UPSIDE POTENTIAL
Ambuja Cements was consolidating in an ascending triangle pattern which is typically a bullish pattern.
The price broke out the ascending triangle and closed above the neckline on 22 May 2013.
It is expected that price may continue to move high.
Aggressive traders can enter at current market levels near 425, but the better entry point would be the retest of the broken neckline of ascending triangle which is around 415
Trade Execution plan as follows:-
Entry- 413-415
Stop Loss- Daily close below 394
Target - 487
Remember to keep booking partial profits and trail your stop loss.
Always follow Risk Management and Position Sizing.
Let me know in comments section if you want me to analyse any other Stock, Forex Pair or Commodity or Cryptocurrency.
The price broke out the ascending triangle and closed above the neckline on 22 May 2013.
It is expected that price may continue to move high.
Aggressive traders can enter at current market levels near 425, but the better entry point would be the retest of the broken neckline of ascending triangle which is around 415
Trade Execution plan as follows:-
Entry- 413-415
Stop Loss- Daily close below 394
Target - 487
Remember to keep booking partial profits and trail your stop loss.
Always follow Risk Management and Position Sizing.
Let me know in comments section if you want me to analyse any other Stock, Forex Pair or Commodity or Cryptocurrency.