Since June we have seen ACC Ltd souring high giving a profit around 23%. It is very recent that I saw some unhealthy pattern forming in ACC Ltd as follows
1. Rising wedge: we are seeing a rising wedge pattern forming in ACC Ltd. We saw a bearish breakout in this stock on August. After which we saw a bounce back at 1290. As per know the stock is in a bearish condition.
2. Divergence: In spite the stock is making a HH, but MACD as well as RSI is not able to form HH and we are seeing a HL thus forming a divergence in this stock.
Some important supports
Conclusion: The stock is not looking bullish, we may see a consolidation within few days