Ambuja cement daily chart shows:
1. Firm close above the 61.8% fib retracement hurdle, the so-called golden ratio, marking a bullish follow-through to the symmetrical triangle breakout confirmed at the end of June.
2. Price well above the Ichimoku cloud.
3. 5-day moving average beginning to trend up.
Further, monthly chart shows 5,10SMA bull cross.
The stock appears on track to test descending trendline resistance around Rs. 400.
Trade: Buy around 380 target 400 stops under 375
1. Firm close above the 61.8% fib retracement hurdle, the so-called golden ratio, marking a bullish follow-through to the symmetrical triangle breakout confirmed at the end of June.
2. Price well above the Ichimoku cloud.
3. 5-day moving average beginning to trend up.
Further, monthly chart shows 5,10SMA bull cross.
The stock appears on track to test descending trendline resistance around Rs. 400.
Trade: Buy around 380 target 400 stops under 375