Intraday Trade Setup Using Ichimoku & Channels on Ultratech Cement

Intraday Trade Setup Using Ichimoku & Channels on Ultratech Cement

Ultratech Cement has been in lime light in today’s session. The stock has witnessed its new 52 week’s high near 5224 levels.
How Ultratech Cement Stock Hit its Record High during a Volatile Period?
How did it manage to gather so much momentum that it went up in two months?
Look below the hourly chart and explanation for the rise in the stock.

Ultratech Cement hourly chart:

Stock Analysis:
At times it’s the simple things that matters the most and give out effective results. For the above stock, to analyse and capitalize on the upward direction we used two simple techniques. Ichimoku cloud indicator and channelling technique.

As per Ichimoku, Prices were lifted up post break above the cloud decisively. The base and conversion line acted as a support to stay in upward direction. Stock’s tendency is to re-test and bounce off from the cloud so that the momentum in upward direction has the equal amount of strength to sustain on the positive note.

As per Channels, the stock is a classic example for moving in well channelized manner within upward slopping channel. Prices have exactly seen the bounce off from channel support and have reached towards upper trendline of the channel.

In a nutshell, Ultratech Cement looks to be bullish as long as it breaks below the cloud or reverses from the channel.

With the help of the above analysis we were able to gauge the up move in Futures segment on intraday basis today.

Call given at 10.20 am: – ULTRACEMCO DEC FUT BUY ABOVE 5200 SL 5182.5 TGT1 5215 TGT2 5228- TGT 1 & TGT 2 Achieved.

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