Ambuja Cements as on 19/5/21
Overall Trend: Upward
Currently trading in an upward channel range.
Current situation: Behaving like in sideways trend
RSI: 59
MACD: Not indicating clear signal
Current Horizontal Resistance level: Around 318 price levels
Note: According to a single candlestick pattern, A hanging man is formed in an upward trend with a high volume and current stock prices also seem to be at a horizontal resistance level.
Analysis:-
1. Since hanging man is formed, so it might be a trend reversal signal, so wait till the lower trend line is broken with heavy volume before entering in a short position.
2. Since a heavy investment is done today in Ambuja cement, it may be a possibility that stock resumes its upward journey so wait for the price to close above the horizontal resistance with volume before going long.
Overall Trend: Upward
Currently trading in an upward channel range.
Current situation: Behaving like in sideways trend
RSI: 59
MACD: Not indicating clear signal
Current Horizontal Resistance level: Around 318 price levels
Note: According to a single candlestick pattern, A hanging man is formed in an upward trend with a high volume and current stock prices also seem to be at a horizontal resistance level.
Analysis:-
1. Since hanging man is formed, so it might be a trend reversal signal, so wait till the lower trend line is broken with heavy volume before entering in a short position.
2. Since a heavy investment is done today in Ambuja cement, it may be a possibility that stock resumes its upward journey so wait for the price to close above the horizontal resistance with volume before going long.