After making bearish pin bar last week, this week ended with strong bearish candle. (Short bias)
Few days ago, prices made a lower high then broke the upward trend-line which signify possible trend change.
For further confirmation, analysed intra-day time frame i.e. 4H.
After breaking upward trend-line on daily...
- Multiple resistance between 54-57 & then around 63 levels
- before September, it could be extremely difficult to cross the red zone
- below 47.65 target 45.50
- if Ashok Leyland starts trading below the green line, then it may be indication of further weakness & we may witness a quick fall towards 38-36 levels.
One may consider...
parallel channel connecting with wave 2 and wave 4
keep countinue buying above 32.50
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Parallel Channel with volume breakout happening and long future buildup and OI.
Ashok Leyland trading in DECISIVE zone for further direction:
1. up-break with vol. else it will be speculation and dont' go long
2. or follow the parallel channel for correction.
If price is continue to rise with volume follow the price parallel channel , the first target is at...
If ASHOKLEY is bullish then following are the possible levels
Now it is being tested at level .316 Fib. Wait for the price to cross both the downtrend lines.
So the safest entry (if bullish) is when price exceeds 46.5
First Target 51.5
If it crosses 51.5 then
Second Target 54.20 which is 0.382 Fib
Third target 60.5 which is 0.5 Fib
Fourth target 67 which is 0.618 Fib
CURRENTLY CONSOLIDATING IN RECTANGLE ONCE THIS SI BREACHED UP OR DOWN GO LONG OR SHORT TARGETS MARKED BUT WILL IT GO UP?
THERE IS DECLINE IN SALES ACCORDING TO RESULTS TODAY IT MAY OPEN GAP OR DOWN TOMORROW THEN IF IT DOES IT MAY BE RISKY TRADE SAFEST AREA TO SELL IS UPPER LINE NEAR 84 GOODLUCK
EVERYTHING ON CANDLE CLOSING BASIS
TRADE AT YOUR OWN RISK