TheChartereds

UPL: A Textbook Short setup

Short
TheChartereds Updated   
NSE:UPL   UPL LTD
Here are some guidelines for determining the next steps regarding UPL:

Consolidation: UPL has experienced a period of consolidation for over two years, forming a symmetric triangle pattern.

Breakdown and Retest:
There was a breakdown from the triangle pattern, followed by a retest, which resulted in a continued downward movement until reaching a 52-week low.

Short Opportunity:
The chart pattern of UPL presents a classic setup for a short trade.

Immediate Support: There is an immediate support zone approximately 5% below the current market price (CMP), which could potentially come into play.

Stronger Support: If the immediate support level fails to hold, the next significant support level is located around 20% below the CMP.

PE Ratio Range: Throughout the observed range, the price-to-earnings (PE) ratio of UPL has fluctuated between 22 and 13

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Target 1 Done. Will it reach the next significant support?
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52W Low
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Current Price Action:
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Double bottom in progress:
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UPL on its way to the next support zone?
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A bounce from the exact support Zone

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