ASHOK LEYLAND: HEAD & SHOULDERS PATTERN!

ASHOKLEY

HEAD & SHOULDERS PATTERN IN ASHOK LEYLAND

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75-80 IS THE IMMEDIATE SUPPORT ZONE. IF SUSTAINS ABOVE 80 IN NOVEMBER THEN WE CAN SAY THAT THE TREND HAS CHANGED IN LONG TERM. OTHERWISE THE RALLY SHOULD CONTINUE DOWNWARDS.

BEARISH DIVERGENCE OVER PAST FEW DAYS NOW. SO THAT WILL HELP TOO.

IF IT SUSTAINS BELOW 75 OR OPENS GAP DOWN IN NEXT SESSIONS, DOWNSIDE TILL 69 IS EXPECTED.

MOST IMPORTANT THING TO HAVE DIRECT IMPACT IS RESULTS. RESULTS ARE REALLY BAD. 93% DECLINE IN PROFITS YOY. SO WE CAN CATCH A BIG MOVE HERE.

Trade closed: stop reached:

Opened gap down and went day highs. SL.