UltraTech Cement Limited (ULTRACEMCO) Stock - Complete Technical Analysis - Sep 03, 2024

UltraTech Cement Stock Analysis: Key Support

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. UltraTech Cement Limited, trading at 11,461, currently shows a mixed technical picture. The stock recently formed a bullish continuation pattern known as Three White Soldiers, indicating potential upward momentum. However, today's Spinning Top candle suggests market indecision. The MACD is in negative territory, reflecting bearish momentum, while the RSI is near neutral, showing neither overbought nor oversold conditions. The ADX is low, indicating a weak trend strength, but the CCI is high, suggesting the stock is currently in an uptrend.

In terms of moving averages, the stock is trading above its short-term EMAs and SMAs, signaling a generally positive trend. However, the stock is below its longer-term moving averages, which could suggest potential resistance at higher levels. The Ichimoku Base Line and Volume Weighted Moving Average also indicate key resistance points.

For support and resistance, the classic pivot point sits at 11,428, with resistance levels at 11,906 and 12,510, and support levels at 10,824 and 10,346. The ATR suggests moderate volatility, which traders should consider when setting their stop-loss orders and target levels. Overall, while there are bullish signs, caution is advised due to the mixed signals and market indecision reflected by the Spinning Top pattern.