A beautiful “COIL” in the make for ASHOKLEY on the daily chart. The stock is already in a well-defined UP trend for quite sometime and going by the nature of symmetrical triangles, ideally it should give us a breakout on the upside.
A simple projection of the height of the pattern should take us close to the target of 90. But before that the stock needs to deal with the green channel, resistance from which comes in at 80. On the downside levels to watch for aer at (69-70) and then 60.
90 or 60? Which one do you sense will come first?
Trade Well. Trade Wise.
Trade active
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The breakout plays out exactly as anticipated. Range of (84-85) is likely to provide some resistance. So its advisable to trail stop loss and protect open profits. Higher upsides will open up once it sustains well above the green channel.