Overview: UPL Ltd. is currently trading at ₹545.50, showing signs of consolidation near its short-term moving averages. The price is poised at a critical level with a potential for either a breakout or a breakdown, depending on market dynamics and volume activity.
Technical Insights:
1.Support and Resistance Levels:
2.Volume Profile:
3.Moving Averages:
4.RSI (Relative Strength Index):
Scenarios:
Trading Plan:
Entry:
Bullish: Above ₹550 for targets of ₹584 and ₹600.
Bearish: Below ₹528 for targets of ₹510.
Stop-Loss:
Bullish: ₹535.
Bearish: ₹540.
Final Thoughts: UPL Ltd. is at a crucial level with a well-defined risk-reward setup. Traders should wait for confirmation of direction with strong volume support before taking positions. Monitor global agrochemical sector trends and news for potential catalysts.
Technical Insights:
1.Support and Resistance Levels:
- Immediate Support: ₹528 (marked by recent lows and a strong demand zone).
- Key Resistance: ₹549.50 (current level) and ₹584.05 (previous swing high and significant supply zone).
2.Volume Profile:
- The visible range volume profile indicates a concentration of volume between ₹540-₹550, suggesting this zone as a pivot for future price action.
- A breakout above ₹549.50 could attract higher volumes, pushing the stock towards ₹584.
3.Moving Averages:
- The stock is near its 20-day and 50-day EMAs, indicating a neutral short-term trend.
- A clear break above the 200-day EMA would signal a shift in momentum towards the bulls.
4.RSI (Relative Strength Index):
- RSI is hovering around 50, indicating a lack of strong momentum. A breakout above resistance could drive RSI towards overbought territory, confirming bullishness.
Scenarios:
- Bullish Case: A breakout above ₹549.50 with high volumes could see the stock targeting ₹584.05 in the short term. Sustained momentum may lead to further upside towards ₹600.
- Bearish Case: Failure to sustain above ₹549.50 might result in a pullback to ₹528. A breakdown below ₹528 could open doors for lower levels, around ₹510.
Trading Plan:
Entry:
Bullish: Above ₹550 for targets of ₹584 and ₹600.
Bearish: Below ₹528 for targets of ₹510.
Stop-Loss:
Bullish: ₹535.
Bearish: ₹540.
Final Thoughts: UPL Ltd. is at a crucial level with a well-defined risk-reward setup. Traders should wait for confirmation of direction with strong volume support before taking positions. Monitor global agrochemical sector trends and news for potential catalysts.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.