ASHOKLEY 1 YR target of 301

May 21

ASHOKLEY (ASHOK LEYLAND) has completed distorted C&H pattern as well as retest the LTH made during 2018. With the depth of 134 points (167-33) the target is 167+134 = ~301.
Intermediate targets 203 (completed), 222, 250 - keep trailing stop loss as it reaches next target.
* It is not a trade advise but technical analysis shared based on my understanding of patterns and personal experiences, please take any trade at your own risk.

May 27

Note

Next intermediate target 222 reached...... :)
Now area around 203 will act as strong support where one can take fresh positions in case of correction.

Jun 3

Note

Marching towards next target 250, half the path done between 222 and 250, next half might come tomorrow.

Jul 5

Trade active

Almost touched 250 (high was 248), from there stock got some profit booking so next rally above 250 it must march towards target of 300, till then it will be in consolidation state.

Jul 22

Note

Got Support from FIB LEVEL 222.75

Jul 26

Note

Back to 246, strong recovery and nice weekly closing, solid volume but still good selling pressure at 250.
If monthly close after 3 days is above 250 then it must trigger a run towards 300.

Jul 29

Note

BINGO : 250 crossed with solid volume and now 300 is ON, in next 2 days there is expiry so closing above 250 will tick most of the factors to remain long on this script.

Jul 31

Note

Superb monthly closing, all ticks done for the target of 300, keep trailing the stop loss is important, above 260 an up move may get triggered with a 2 hourly or daily close.

Aug 7

Note

It seems it will take some time for 300. Need to remain above 222 for couple of weeks on closing basis to resume up move. Next few weeks there can be some corrections in nifty which can lead to bring down price for ASHOKL as well.

Aug 20

Note

Seems to make a good move from here towards 300...