Ambuja cement has very strong resistance at 278 Price. The RSI is showing weakness while price making tripple top pattern. Risk Reward is highly favorable to go short with stop-loss of 280 and target price of 266
The peak of the share had reached where its RSI is also above 80% and same levels were observed in last month July 2015. The same case will be repeated this time also.
As we can see that prices are trading in lower channel and after short covering now prices is likely to take resistance of higher band again. Prices can be short with strict stop loss of higher band on closing basis and one should wait for the target of 215, breaking and sustaining below the same might trade lower to touch lower band to continue the channel
