ULTRATECH FUT BEARISH VIEW at closing price on 6th Jan 2025Here I am sharing my views on Ultratech Cement Futures Chart.
A) There is a STRONG SUPPLY ZONE at 11,800 - 11,900.
B) There is Mild to Moderate Demand Zone at 11,400 -11,300.
C) RSI with SMA: In today's trading session RSI crossed it's 50 mark level and turned bearish
- RSI is now below it's SMA (Bearish)
D) If we observe today's candle properly, we can sell initial rise towards supply zone and price corrected sharply from mentioned supply zone, thick body and short wicks adds weakness in Ultratech Cement Chart.
E) prices may hold at 11,400 - 11,300 levels, once this level is broken we can see sharp decline towards next Demand Zone, which is also our Target.
F) Target 1: 11,400 -11,300
Target 2: 10,800 - 10,650
This is only my attempt to predict Ultratech Cement, I do not recommend trading or investing based on above study.
