virajmokadam

Ashok Leyland looks bearish below 108.

Short
NSE:ASHOKLEY   ASHOK LEYLAND
1. Structure has changed to LH-LL.
2. Price is below 50 DMA & below VWAP so looks like short term bearish .
3. Below 116 its bearish , till 123 its strong resistance and need to break it will good volumes to sustain above it. Till that time its bearish .
4. Price gets rejected from 20 EMA on daily basis and we can see mostly red candles.
5. Price 108-110 is support level but not that strong, Need to keep an eye here. If tested again it may break and go down till 100/99.
7. Heavy selling started from 12th Feb till 18th Mar.
8. Buying volume is reducing from last 4 days. So downfall can continue.
9. Already a big uptrend took place from 13th Aug'20 till 2nd Feb'21. I believe currently its in distribution phase so need to be cautious.
10. Overall, if its goes below 108 its good to short till 100. If it crosses 123 with good volume then it can turn bullish but still need to observe.
11. In FIB retracement its taking support at last level which is not good.
12. Auto sector also does not look that strong to sustain up move for long.

Support line - Green
Resistance line - Red
Trend Line - White
VWAP Line - Yellow
20EMA Line - Blue

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