ULTRACEMCO has given good bullish closing on Friday. It broke from yellow TL few weeks back but never made any good movement. Now it has done pullback to TL and bouncing back. 3650-3674 is resistance area for this stock as highlighted in blue, if it sustain above 3670 - 3675, then can give good move on Tuesday.
If market turns out strong on Tuesday then it will one of the high probable trade.
Price action is very simple to understand and main focus is price/patterns. Keep your chart clean and free from indicators, follow same process daily to get good results. If you wish to learn simple price action trading process (strategy seekers kindly excuse), kindly reach out. Request your support by liking/commenting on ideas submitted.
Your clean and simple drawing teaches us a lot! Also can there be a H&S pattern at the end? If yes then it adds up one more probability to rise higher.
Piyush-Gupta
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@Suyog321, it does has multiple swing lows but does not looks to be h&s as both shoulder and head are of same height.
Although really like you trying to find patterns. Keep growing.
KarandeepAjmani72
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Nice idea. I have also found one more thing in it. When we draw fib in this from all-time high to recent low we get that stock is resisting at 38% Lvl of fib(3672rs). Do check.
Piyush-Gupta
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@KarandeepAjmani72, excellent work karan. I will check. But if that is the case then breakout if happen will be stronger