Ultra tech cement giving a break out of head and shoulder pattern on the higher time frame.
The stock on the weekly time frame has given a breakout of the inverted head and shoulder pattern with good volumes.
On daily time frame, the stock is halting on the higher levels. The stock as also formed an inside candle on the daily time frame.
3 point confirmation.
1. Inverted Head and shoulder pattern break out on weekly time frame.
2. Inside candle on daily time frame.
3. High volumes on the break out.
The stock can be bought for a long term as the targets will be also carried on the weekly time.
For intraday targets smaller time frames can be preferred.
Stock options for next month expiry can be carried for swing/positional trades as the stock start trading above 7300 levels.
Targets :- 7522, 7728
Stop loss :- 7100
Wait for the price action near the levels before entering the markets.
The stock on the weekly time frame has given a breakout of the inverted head and shoulder pattern with good volumes.
On daily time frame, the stock is halting on the higher levels. The stock as also formed an inside candle on the daily time frame.
3 point confirmation.
1. Inverted Head and shoulder pattern break out on weekly time frame.
2. Inside candle on daily time frame.
3. High volumes on the break out.
The stock can be bought for a long term as the targets will be also carried on the weekly time.
For intraday targets smaller time frames can be preferred.
Stock options for next month expiry can be carried for swing/positional trades as the stock start trading above 7300 levels.
Targets :- 7522, 7728
Stop loss :- 7100
Wait for the price action near the levels before entering the markets.
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