Cement sector has underperformed against the index, but the daily of Ultratech Cement Ltd chart is showing the
end of a gloomy picture and ready for a strong upmove. A bullish reversal formation called an inverted head and
shoulder is forming on charts. Prices have retraced by 61.80% (1634 is retracement of ~1402 to ~2009) and
bounced sharply indicating a bullish move on cards. The reversal can again test the neckline around 2,000 levels
completing the inverted H&S formation where higher volumes can be expected because of quarterly results to be
announced today. We suggest traders to go long at CMP-1716 for the target of Rs.1,950 (13.6%) with the stoploss
of 1,600 (Closing Basis)
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end of a gloomy picture and ready for a strong upmove. A bullish reversal formation called an inverted head and
shoulder is forming on charts. Prices have retraced by 61.80% (1634 is retracement of ~1402 to ~2009) and
bounced sharply indicating a bullish move on cards. The reversal can again test the neckline around 2,000 levels
completing the inverted H&S formation where higher volumes can be expected because of quarterly results to be
announced today. We suggest traders to go long at CMP-1716 for the target of Rs.1,950 (13.6%) with the stoploss
of 1,600 (Closing Basis)
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