techtrail
Long

Ashok Leyland: A Change In Behavior

NSE:ASHOKLEY   ASHOK LEYLAND
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4
Have a look at the chart. The blue lines capture major swing highs & lows. After the climactic action at the low, notice the change-in-behavior aka sign of trend reversal when the price moved above the prior swing high.

Any pull back and evidence of support at the green lines would get me interested in this stock.

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I would also trade it on the long side on finding suitable entry. Thanks for the idea.
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Could you enlighten us how a huge red bar is seen as buyers and not sellers ?
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Have a look at the weekly chart. Price is approaching a key support in the form of a 'balance line" (the green line in the chart below). Look at the spike volume in that red bar and the lack of follow through in the subsequent two price bars. The price actually reversed sharply after that red wide ranged bar. The context is the key. Where is price headed to and what happens thereafter is the crucial link.

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ktp techtrail
Got it.

Thanks.
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