Thursday, 18 April 2013

Chart Update: Ambuja Cement

 Ambuja Cement Chart:

In my "Last Update" on Ambuja cement longs were suggested with strict sl above 170 level as a counter trend move. Price channel can give us low risk trade. Currently share is trading at upper end of down trending price channel  
Daily and weekly trend is firm up. 

Resistance level: 

  • Trendline resistance is at 189.5
  • 5 months close ema is at 189.4
So all in all 189.5-190.5 range will be hard nut to crack above which share will challenge 200 days moving average which is currently at 193.5. Above 193.5 institutional buying will emerge.  On the down side watch out for 185(5Week high EMA), tomorrow being last day of week bull will try to save this number to keep week trend firmly up. 

So,plan your trade accordingly. 

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Happy Trading. 

All the views and contents mentioned in this blog are merely for educational purposes and are not recommendations or tips offered to any person(s) with respect to the purchase or sale of the stocks / futures. I do not accept any liability/loss accruing from the use of any content from this blog. All readers of this blog must rely on their own discretion and neither any analyst nor any publisher shall be responsible for the outcome.

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