Ashok Leyland : Short-term, Keep an Eye !
Updated
Hi Guys,
About 2 months ago there was a post about Ashokley , that bullish bat is forming and bat completed after 2 months of wait n in the zone, I have attached that idea below. Currently,
(i) Ashok Leyland is bottoming out in previous support zone
(ii) Support zone quite strong with no. of retests
(iii) After Bullish confirmation , initiate Longs
(iv) The Double Bottom may or may not work depending on general sentiment on Nifty
(v) Stops below 77 will be good idea,so check your risk n reward
Depending on your Risk Reward choose Target or you can carry it as long term after checking Fundamentals
I didn't check fundamentals of Ashok Leyland !
About 2 months ago there was a post about Ashokley , that bullish bat is forming and bat completed after 2 months of wait n in the zone, I have attached that idea below. Currently,
(i) Ashok Leyland is bottoming out in previous support zone
(ii) Support zone quite strong with no. of retests
(iii) After Bullish confirmation , initiate Longs
(iv) The Double Bottom may or may not work depending on general sentiment on Nifty
(v) Stops below 77 will be good idea,so check your risk n reward
Depending on your Risk Reward choose Target or you can carry it as long term after checking Fundamentals
I didn't check fundamentals of Ashok Leyland !
Note
As mentioned in Point (iii) we didn't get bullish confirmation,so we didnt enter & bcos of (iv)th point market came down further giving us better price, Now carefully watchout for Bullish confirmation and Enter the trade with proper stops depending on your risk ability !
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