Ultratech Cement broke out above 2050 on weekly chart and it was covered on Breakout Screen here on April 02 2014.
Post Breakout, Ultratech Cement stock rallied to 2800. Now stock has pulled back. Where is the support?
On Daily Chart, Ultratech Cement stock is at 50 dma.
The Big question: Will the Breakout stock presents another great investment opportunity?
Nobody Knows. But yes if stock holds up here, it can rally big time. One can assume support here with stop loss at 2450
Disclaimer – The state of the market notes is Deepak’s perspective on the market. The column is purely for educational purpose. Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. By reading this publication you agree to make no trade relying in whole or in part on the comments of the writers