AMBUJA INVERTED CUP & HANDLE BREAKDOWN ALERT [EDUCATIONAL]
Ambuja cement gave breakdown on inverted CUP AND HANDLE pattern in previous day session. Suggestion is not to short even if it looks very lucrative and clear breakdown. Some of the observations which are very imp as per technical analysis.
1. Good Volume is missing
2. 200 dma is just below the breakdown candle. (security may bounce in some cases and hampers R:R as well)
Alternatively, we should wait for the testing of neckline. A short may be initiated when forms a good bearish or shooting star near neckline
(volume and 200 dma is to be considered as well that time)
1. Good Volume is missing
2. 200 dma is just below the breakdown candle. (security may bounce in some cases and hampers R:R as well)
Alternatively, we should wait for the testing of neckline. A short may be initiated when forms a good bearish or shooting star near neckline
(volume and 200 dma is to be considered as well that time)