Ultracemco has been trading within a range of ₹11,000 to ₹11,400 for the past few weeks. Today, the stock broke out of this range with significant volume, confirming the strength of the price movement. The depth of the market also reveals strong buying interest, further supporting the bullish outlook.
Additionally, the stock recently formed a three-day candlestick pattern known as the Morning Star, which typically signals a potential reversal and a shift in market sentiment.
Given these factors, Ultracemco appears poised to advance towards its key resistance level of ₹12,000. The stock has been testing this resistance for the past three months, and a successful breakout could indicate further upside potential.
Additionally, the stock recently formed a three-day candlestick pattern known as the Morning Star, which typically signals a potential reversal and a shift in market sentiment.
Given these factors, Ultracemco appears poised to advance towards its key resistance level of ₹12,000. The stock has been testing this resistance for the past three months, and a successful breakout could indicate further upside potential.
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