A Head & Shoulder Pattern can be seen on Weekly chart of Ashok Leyland. A breakout on downside would confirm the Pattern. After Breakout Levels 100-95 can be Expected.
if it dosent break 105 and moves up then?? as volumes are very high on down bar it is suggesting buying has entered on down bar
jayvora01
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@RahulWare, if it doesn't break the neckline and moves up (like now trading at 111)one should keep stoploss at that neckline of 107-105.
RahulWare
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@jayvora01, can we consider the candle 08 oct as Bullish Harami on daily chart also my observation is strength is appearing in down bar as per volume theory im expecting it to go above 120+
jayvora01
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@RahulWare, If the candle of 8 Oct would had even a lil gap up would be easier to say bullish harami but the close of previous day and open of 8 Oct r same.
I am more comfortable by weekly closing. It may happen few more green candles upto Ur target and on Friday it may complete Bullish Engulfing.
Till than Neckline would be Stop-loss.