ASHOKLEY forming a Head & Shoulder Pattern on Weekly Basis. It just took a rejection from its Neck Line area, which is really a very crucial level for the stock. Closing below the NECK LINE may open further downside for the stock.
100 is a very big support level for this stock physiologically, if stock gives a closing below it's Neck Line may take it to 100 and if stock falls further then next support area is 85-90.
Also, there are number of bad news floating in the market which are creating selling pressure and apart from this Rupee is getting weaker and weaker etc.. :>> MY VIEW FOR THIS STOCK IS STRONG BEARISH FOR NOW.
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Range 100-105 is acting like a very very great support.
Sir Volumes are very high on down bar suggesting buying entered in lower levels expecting high prices as per volume
nitinrajput2208
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@RahulWare, Brother, volume includes buying as well as selling both. The thing is Volume shows the strength of Price Action which is downside at this time. Furthermore, I already mentioned that the stock is facing rejection when it moves near the NECK LINE showing buying strength in that area. Closing below mentioned Neck Line might push the stock downwards.
RahulWare
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@nitinrajput2208, ok Thanks for clearing got it means if it breaks as per H&S pattern on downside what must be the targets any idea as im new in technical analysis
nitinrajput2208
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@RahulWare, as per H&S, First Target is the length between NECK LINE and tip of RIGHT SHOULDER. Second Target is length of NECK LINE and tip of HEAD. If the stock easily achieves it's first target then look for second. NOTE: This stock is very good fundamentally and 100 will act as very crucial support level, psychologically for this stock. If, you found it useful then you can follow me and you can message me your doubts.
RahulWare
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@nitinrajput2208, Followed you bro i calculated targets 2nd tg comes near 43 and 1st is 71 im long in this counter at 111 thats why im tracking it daily very closely will add on dips if falls more holding for very long term as looks good stock