indiamarketoutlook
Long

Ashok Leyland: In Accumulation zone

NSE:ASHOKLEY   ASHOK LEYLAND
Ashok Leyland
CMP 112.20

Levels are mentioned in the chart

In case it is not readable on chart....


108-113 - Accumulation zone

Target 128 /133 in 2-3 months

In the current set up, momentum might be seen on sustaining above 114.5

On the lower side the stock also has very strong support at 97 odd levels

Overall stock looks good on chart.


Take care & safe trading...!!!

Regards
Comment: Ashok Leyland update

The stock has crossed it's previous high of 120.20 & is now trading at a new high at 121.30. Going forward 116.5-118 level on the downside forms an important zone and should not be breached...

So far its a nice 8% jump... Enjoy the ride...!!!

One may also consider booking profits as per risk appetite....

Take care & happy trading...!!!
Trade closed: target reached: From 112.3 to a high of 126.20 so far. The stock has given a nice 12% in just 3 trading sessions...

Target of 128 almost done....
Hope you all enjoyed the smooth ride....

On dips, We will be interested in the stock again especially if it holds 118-116 zone

Take care & happy trading...!!!
till no sign of accumulation or distribution
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it is in down trend now how you know about 2 3 months,it is my favorite stock,tell what is going to happen tommorow?
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@rupambose32,

dear sir, it is possible to have difference of opinion of the same stock especially if we are looking at different time frames for the same stock.

For instance a 5 min 15 min or 1 hr chart till yesterday might have shown a down trend...




It is also possible to have different opinion of the stock looking at the same chart. So here are further observations that we had made



On daily charts, the stock is making higher top higher bottom and is trading in up trend channel




In the last 2-3 days we also observed the stock was recovering quickly when it dipped below 113 and never stayed below for too long. Momentum above 114.5 was based on analysis of the stock crossing its 20 day EMA




Importance of 97 can be seen on a longer term chart




Based on these observations we presented out view..



Regards
Reply
rupambose32 indiamarketoutlook
@indiamarketoutlook, yes good analysis
Reply
rupambose32 indiamarketoutlook
and now price is going higher,@indiamarketoutlook,
Reply
@rupambose32, Thanks :-)
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