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OmiFX8
Aug 3, 2022 3:59 PM

Ambuja Cements eyes Rs. 400  Long

AMBUJA CEMENTS LTDNSE

Description

Ambuja cement daily chart shows:

1. Firm close above the 61.8% fib retracement hurdle, the so-called golden ratio, marking a bullish follow-through to the symmetrical triangle breakout confirmed at the end of June.
2. Price well above the Ichimoku cloud.
3. 5-day moving average beginning to trend up.

Further, monthly chart shows 5,10SMA bull cross.

The stock appears on track to test descending trendline resistance around Rs. 400.

Trade: Buy around 380 target 400 stops under 375
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