Intraday Cash Sell ULTRACEMCO @3783.3-3789.30 SL 3854 TGT 3672
MACD cross over + cloud break down + break crucial support 3783 next support 3660 GO SHORT
Points to consider :
Held on previous (recent) support.
Need to break out of trend line with volume
Stochastic needs to cross 25
RSI needs to be above 55 - 60 levels
Again 9 EMA to cross 21EMA and need a good candle.
If above all is satisfies 4200 - 4250 possible.
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....
ultratech cement have formed bullish gartley pattern fomation on hourly time frame,, perfect fibonacci retracement levels as per harmonic study,, counter can give strong reversal from this levels ,, view gets negated below 3820.....
Ultratech formed a symmetrical Triangle.
Breaking out today.
But need volume conformation.
Both RSI and Stochastic are as per rules.
Also the breakout is at .618 in of the March fall.
So wait for a full body candle and volume break before taking the trade.
