UBL has had a very good daily move up for the last several weeks. It has come to a zone where the Bull strength is starting to fade. SELL UBL based on the following.
Head and Shoulder pattern on 4hr with neckline at 1350-1364. If a 4hr candle closes below this level, SELL without any hesitation as price will test 23.6 - 50% retracement to its low of the climb...
After giving false breakouts in the past, it seems the stock has flushed out all the weak hands out of the system and is ready to move into uncharted territory! Let's see how it moves!
The Stock has formed a perfect Cup and Handle and has also given a false breakout previously to trap longs and stop them out. However now the stock seems to be ready to fulfill its real potential and add strength going ahead. Considering its a 3.5 years Pattern, gains may not be swift but will take time on the upside!
THIS STOCK TAKEN YOU TURN FROM 0.786 LEVEL AS PER FIBBI SO WE TAKE LONG POSITION HERE.ENTRY STOP LOSS AND TARGET GIVEN ON CHART.
IF YOU AGREE WITH MY VIEW THEN PLEASE HIT LIKE I REALLY APPRECIATE THAT.
TRADE WITH CARE.
REGARDS
KING999
United Breweries Limited (UBL) is a holding company. The Company is engaged in the manufacture and sale of beer, including licensing of brands. The Company offers a range of brands, such as Kingfisher Premium, Kingfisher Strong, Kingfisher Ultra, Kingfisher Ultra Max, Kingfisher Blue, Bullet, Cannon 10000, Kalyani Black Label, Ub Export, Zingaro and London Pilsner. The Company has licensed its brands for manufacture and supply of beer at approximately three international locations, such as the United Kingdom, Australia and New Zealand. The Company operates through approximately 20 owned breweries and approximately eight contract breweries. The Company has a capacity to produce approximately 20 million hectoliters of beer per annum. The Company's brands are available across India and also in approximately 50 countries across the world. The Company has manufacturing facilities in India. Its subsidiary is Maltex Malsters Limited.
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UBL
