Ashok Leyland – Has the downtrend resumed ?

Ashok Leyland ASHOKLEY had a massive fall from 167.5 to 134 levels (I had posted an Idea on May 9 about shorting it) after which it has been moving up for past few days.

However, I can see that it faced a strong resistance today at 61.8% retracement of the previous fall, near the previous support-turned-resistance.

Took short positions here with a small stop loss around 150 levels for a target of 134 and below.

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