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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