The longer time frames indicate a trend reversal to bearish. For that to happen we need to break the lower support at 105.25 which would send us into 90s fairly quickly.
However, we know that nothing is 100% in technical analysis. So, in case we dont break the support and start a fresh bullish trend, the green lines would act as a good support where positions can be taken for mid to long term investors.
For intraday, a clear break above the orange line could send us to the red line above it which is the next major resistance after the orange line.
This is not a financial advice and strictly for educational purpose
However, we know that nothing is 100% in technical analysis. So, in case we dont break the support and start a fresh bullish trend, the green lines would act as a good support where positions can be taken for mid to long term investors.
For intraday, a clear break above the orange line could send us to the red line above it which is the next major resistance after the orange line.
This is not a financial advice and strictly for educational purpose
Trade active:
Now we have broken down from the short term uptrend channel and started a fresh downtrend which is in lines with longer time frames where we will go bearish with the break of 105.25 support.
Trade active:
Ashok Leyland is a curious case. After breaking down from the downtrend line, it formed a fresh uptrend line and a ascending triangle which could mean a break out in the short term.
However in the long time frames a trend reversal is still in play until we break out of the descending triangle.
Ashok Leyland is a curious case. After breaking down from the downtrend line, it formed a fresh uptrend line and a ascending triangle which could mean a break out in the short term.
However in the long time frames a trend reversal is still in play until we break out of the descending triangle.