Swing Opportunity in Ashok Leyland
Updated
Go Long above 124.35 for Targets of 129.15, 133.95, 138.75, and 143.55 with SL 119.55
Reasons to go Long :
1. On a daily timeframe if we draw the Fibonacci retracement tool from recent swing low (point A) to recent swing high (point B) then we see stock took support from 0.618 Fibonacci level.
2. A bullish chart pattern, Double Bottom (W pattern) is formed around 0.618 Fibonacci level.
3. Also there is a Trendline (marked with green color) which is providing support to the stock.
4. The stock may go up to the Trendline (marked with red color) where it may face resistance.
Reasons to go Long :
1. On a daily timeframe if we draw the Fibonacci retracement tool from recent swing low (point A) to recent swing high (point B) then we see stock took support from 0.618 Fibonacci level.
2. A bullish chart pattern, Double Bottom (W pattern) is formed around 0.618 Fibonacci level.
3. Also there is a Trendline (marked with green color) which is providing support to the stock.
4. The stock may go up to the Trendline (marked with red color) where it may face resistance.
Trade active
Entry triggered on 13 Sep 2021Trade closed: target reached
Target 1 achieved on 16 Sep 2021Trade closed: target reached
Target 2 achieved on 30 Sep 2021Trade closed: target reached
Target 3 achieved on 11 Oct 2021
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