Ultratech Cement formed H&S pattern. Past 4 months action formed Head & Shoulder pattern with 3987 level as neck line. Stock closed below the neckline yesterday with moderate volume.
It is a complex head & shoulder formation. It has two left shoulders and two right shoulders.
Target for head & shoulders pattern is distance from the top of the head to the neckline, then adding that difference under the neckline. So in this case target would be 3500-3440 level.
There is a possibility of pull back to the neckline level as the stock is oversold in daily time frame.
Stoploss: Stop loss can be placed just above the 2nd right shoulder.
It is a complex head & shoulder formation. It has two left shoulders and two right shoulders.
Target for head & shoulders pattern is distance from the top of the head to the neckline, then adding that difference under the neckline. So in this case target would be 3500-3440 level.
There is a possibility of pull back to the neckline level as the stock is oversold in daily time frame.
Stoploss: Stop loss can be placed just above the 2nd right shoulder.
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