Ultratech (Will it continue towards the downside ?)
Ultratech has formed a beautiful trend line and has tested it twice in the last few days with any upward movement being strongly rejected. A breach of the trend line is looking like a possibility now. Any breach should give us a good momentum but since the stock will be entering any area of multiple support zones one should be cautious while setting up targets. Even though i believe the move should ideally be a strong one there is very little room for certainty in this volatile market.
The moving averages might form a death cross (Lower TF moving average breaching the higher TF moving average from the upside, in this case 9EMA (Green Line) breaching the 50 and 200EMA (Yellow and Red Line) from the upside) in case the price moves further down which might further fuel the downward movement. The MACD indicator has gone into negative territory after long indicating move downside pressure. All these things might add up in case the price moves downwards. Any reversal from herein should be followed by good volumes and the price sustaining above 4000 levels.
It will be interesting to see what the chart holds for us.
Which side will you be betting on ?
The moving averages might form a death cross (Lower TF moving average breaching the higher TF moving average from the upside, in this case 9EMA (Green Line) breaching the 50 and 200EMA (Yellow and Red Line) from the upside) in case the price moves further down which might further fuel the downward movement. The MACD indicator has gone into negative territory after long indicating move downside pressure. All these things might add up in case the price moves downwards. Any reversal from herein should be followed by good volumes and the price sustaining above 4000 levels.
It will be interesting to see what the chart holds for us.
Which side will you be betting on ?