Swing Idea:
ULTRACEMCO
- LONG @CMP 7660
Entry -> 7660
SL -> 7395
TGT 1 - 8000 (R:R = 1.3) - Time frame -> 1 month
TGT2 - 8200 (R:R = 2.05) - Time frame -> 1-2 months
TGT3 - 8800 (R:R = 4+) - Time frame -> 4-6 months
Reasoning:
- Stock moving in a channel since 1+year.
- Stock moving on lower end of channel with good consolidation
- On the verge of breaking triangular pattern
Caveats:.
- Can go below channel on global cues, and pandemic news. Shake-up possible.
- Earnings coming up in 3 days, could be a make or break situation
ULTRACEMCO
- LONG @CMP 7660 Entry -> 7660
SL -> 7395
TGT 1 - 8000 (R:R = 1.3) - Time frame -> 1 month
TGT2 - 8200 (R:R = 2.05) - Time frame -> 1-2 months
TGT3 - 8800 (R:R = 4+) - Time frame -> 4-6 months
Reasoning:
- Stock moving in a channel since 1+year.
- Stock moving on lower end of channel with good consolidation
- On the verge of breaking triangular pattern
Caveats:.
- Can go below channel on global cues, and pandemic news. Shake-up possible.
- Earnings coming up in 3 days, could be a make or break situation
Trade active
Comment:
It has recovered from -165 to +130+, signs are good.
Comment:
All cement stocks in harmony. CMP @ 7885+ ---> More importantly 2.75%, after a recovery.
Comment:
Close to TGT-1 : 7946 high of the day. It will cool-off now. Confidence is high of this analysis now.
Comment:
Heavy sell-off, SL intact. However yesterday's gains are wiped off.
Trendline bottom support is holding good. Let's see.
Trendline bottom support is holding good. Let's see.
Trade closed: stop reached:
SL hit.
Learnings:
- TGT-1 should be more logical around 7911.
- SL should be different for different kinds of targets.
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Learnings:
- TGT-1 should be more logical around 7911.
- SL should be different for different kinds of targets.
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