ULTRATECH A SLIGHT CORRECTION N 3:1;
Source of the Downtrend is the Monthly Supply
Destination is a Fresh Demand that has formed in multiple timeframes.
Also we see that the candles in the chart have gone away from the Moving Average and whenever Price goes away and reacts to a Supply it then retraces till the latest Demand.
Here we have separated the Demand and Supply Equilibrium into 5 major parts:
1. VH : Very high on the curve.
2. H : High on the curve.
3. M : Middle on the curve.
4. L : Low on the curve.
5. VL : Very Low on the Curve.
Now as Trader our Job is to Buy Low & Sell High;
So let's check for a confirmation in the lower timeframes.
Price went Up Respecting Daily Demands until it reached Monthly Supply;
After reacting to the Monthly Source Supply Price has violated a Daily Demand;
As we have a Daily Demand violated we see a downward momentum has just started; So until Fresh Demand which is @ Rs. 10526.00
Ultratechcement
Ultratech may make not ultra but mild upward moves. UltraTech Cement Ltd. is a holding company, which engages in the manufacture and sale of cement and cement related products. Its products include ordinary portland cement, portland blast furnace slag cement, white cement, and ready mix concrete.
UltraTech Cement Ltd. CMP is 11301.90. The positive aspects of the company are Company with Low Debt, Company with Zero Promoter Pledge, Book Value per share Improving for last 2 years. The Negative aspects of the company are high Valuation (P.E. =46.5), PE higher than Industry PE, MFs decreased their shareholding last quarter, Declining Net Cash Flow : Companies not able to generate net cash.
Entry can be taken after closing above 11380. Targets in the stock will be 11524 and 11707. The long-term target in the stock will be 11893 and 12096. Stop loss in the stock should be maintained at Closing below 10922.
The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock. We do not guarantee any success in highly volatile market or otherwise. Stock market investment is subject to market risks which include global and regional risks. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message.
UltraTech Cement should target 10853 after crossing Resistance1-hour chart, the stock is trading mostly in the orange channel towards the resistance line R.
After crossing at around 10025, the target will be 10795 extending to 10853
Consider the Stop Loss (SL) below the bottom line of orange channel
Ultratech Cement ShortNSE:ULTRACEMCO
Strategy: Short
The cement manufacturer saw a 36% dip in their consolidated net profit to Rs 1,666 crore for Q4 ended March.
Those who bought early, it's a perfect time to book profits.
For new entry wait till the price come to the green rectangular box i.e. the ideal buying zone.
Never trade a short without a stoploss.
*Not a financial advice to buy or sell. Only speculations.
My charts speaks louder than words.
I'm a chartist and I paint charts.
#ULTRACEMCO Weekly Major Support & Resistance Levels.Providing Weekly Support and Resistance levels for next coming week based on Central Pivot Range and its major support & resistance levels of week, where price can take support and face resistance. Three black lines indicating weekly Central Pivot Range. Previous week high & low also performs as a major support and resistance levels. Can take long & short positions according to how price perfoms at particular given support & resistance levels.
Ultratech Cement Trend AnalysisA clear downtrend though profits increased 48% YOY and company declares Rs. 38/- dividend.
Today's big volume spike shows retail traders jumped in because of positive news, sadly they got trapped.
Its better to stay away from this now.
Still bearish continuation is shown by strong bearish divergence in RSI.
Accumulation zone is around 4600-4800 levels.
Short term swing opportunity with a target of 7000 (49% ROI)
Medium term swing with a target of 8250 (75% ROI)
Stop loss not required because of strong fundamentals.
Those who are looking for long term positional trade can also buy at the accumulation zone mentioned.
Do your own due diligence before placing any trades.
Peace!!
UlTRATECH Cement RSI - 68.93 which is good
1st Target - 7918
2nd Target - 8037 & New Highs :)
Suggestions:
Safe traders to Exit once it reach the 1st Target 7918 - as it would reach 70 RSI which would be over bought Zone - and would see a slight down trend & has good support at the given levels
Risk Takers: Can wait for higher levels :)