AMCEM trade ideas
AMBUJA CEMENTS LTD Analysis 04/03/2021as we can see the price is renege Bounding in an ascending Paralleled Chanel where as the Fibonacci Projection shows some confluences with the Top Red Trendline which is the long term trend line and can be used as a resistance area.
we can be optimistic about 1 TP , which is 161.8% i.e Extension Level of the same Fibonacci projection and if triggered and show some candle pattern and the resistance turned to Support, then we can target the 261.8% of the same which is 3TP
H&S pattern formation Ambuja Cement.The chart is itself explanatory.
Ambuja cement testing its dynamic support as well as it is near to give head and shoulder breakout.
Keep a close eye on Ambuja cement if the breakout happens and it stays below 387 then we can see more weakness.
and price can drag up to 347-40
Happy Trading.