UPL Weekly pattern breakdown.
Updated
UPL has been consolidating in a range between 850 and 650 on the weekly chart. It has been in triangle type pattern and has broken down on a weekly basis. A close below the upward trendline shows increasing bearish pressure.
Bearish momentum should increase below the weekly low of 673. One could expect greater selling pressure if price closes below the support at 650 and the 200 Weekly EMA which is also around 654.
After the breach of these levels, the following levels could be expected..
Target 1: 621
Target 2: 569
The setup would be invalid if we get a close above 725. Keep watch.
Bearish momentum should increase below the weekly low of 673. One could expect greater selling pressure if price closes below the support at 650 and the 200 Weekly EMA which is also around 654.
After the breach of these levels, the following levels could be expected..
Target 1: 621
Target 2: 569
The setup would be invalid if we get a close above 725. Keep watch.
Note
Trading with a gap down today, could close below 650. Keep watch✔
Note
Target 1 almost reached. Weekly low of 622 made last week.✔
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