UPL currently finds itself within a crucial support range of 600-616, aligning with the 0.38 Fibonacci retracement level. An additional support layer emerges in the 512-529 range, coinciding with the 0.5 Fibonacci level – a zone that could potentially serve as a logical stop-loss point.
Post a bullish rally that spanned from March 23, 2020, to June 7, 2021, the stock has since entered a consolidation phase. This phase becomes evident when observing the diminished trading volumes in the aftermath of the rally. Although the stock has slipped below its 200-day moving average, a prudent approach suggests awaiting the emergence of bullish signals.
UPL UPL
These signals might manifest as the morning star, engulfing candle, or hammer candlestick patterns. Additionally, keeping a vigilant eye on chart patterns or instances of sudden upward momentum, reminiscent of the occurrence on July 23, 2018 – a time when the stock witnessed a surge just below the 200-day moving average – could provide additional cues pointing towards a potential bullish trend.
It's noteworthy that the initial support area mentioned above presents an attractive trading opportunity, boasting a risk-reward ratio of approximately 2.5. Assuming the target lies within the realm of all-time highs (ranging between 846 and 861), careful consideration of these elements could pave the way for a well-informed trading decision.
Post a bullish rally that spanned from March 23, 2020, to June 7, 2021, the stock has since entered a consolidation phase. This phase becomes evident when observing the diminished trading volumes in the aftermath of the rally. Although the stock has slipped below its 200-day moving average, a prudent approach suggests awaiting the emergence of bullish signals.
UPL UPL These signals might manifest as the morning star, engulfing candle, or hammer candlestick patterns. Additionally, keeping a vigilant eye on chart patterns or instances of sudden upward momentum, reminiscent of the occurrence on July 23, 2018 – a time when the stock witnessed a surge just below the 200-day moving average – could provide additional cues pointing towards a potential bullish trend.
It's noteworthy that the initial support area mentioned above presents an attractive trading opportunity, boasting a risk-reward ratio of approximately 2.5. Assuming the target lies within the realm of all-time highs (ranging between 846 and 861), careful consideration of these elements could pave the way for a well-informed trading decision.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.