Ultra Tech Cement: late stage uptrend

| May 8, 2013 | India
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Company profile: Ultra Tech Cement Ltd. produces a wide range of cement products. This Company represents the cement operations of Larsen & Toubro which were spun-off into a separate entity in which Grasim Industries holds a majority interest.

Various attempts to clear the long-term trend line and nearby MA200 have failed. Buyers maintain control albeit only just… The market is preparing for a last push higher (Wave 5 rally) towards the projections at 2280 and possibly 2363. The first projection is the most important one to look out for. With initial stops below (daily) support at 1862 this stock is worth picking up.

  • Primary trend: positive (late stage)
  • Outlook: Wave 5 rally
  • Support: 1862 / 1724 / 1355
  • Resistance: 2074 / 2280* / 2363*

Weekly chart  Ultra Tech Cement

ultratechcem_8may2013

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Category: India