Ashoka buildcon
moved out of 1 consolidation phase
gave powerfull breakout yesterday
might face a small resistance near 91 levels
once cross and sustain will fly higher
Entry at 86 , can head towards 110 - 125
once hit , will upgrade target
keep sl 74
#BREAKOUTSTOCKS
- ASHOKA
- BO at the major support
- Retested with Dried up volume followed by a strong
Rejection candle
- Big Volume on BO and rejection
- Bullish RSI on D tf
- Trading above all major EMAs
Go Long above 87.3 for Targets of 97.1, 106.9, and 116.7 with SL 77.5
Reasons to go Long :
1. On a Weekly timeframe if we draw the Fibonacci retracement tool from the recent swing low (point A) to the recent swing high (point B) then we see stock took support from 0.618 Fibonacci level.
2. In addition to this a bullish candlestick pattern Bullish Engulfing...
Looking strong and expect good up-move.
Today being weekly/monthly expiry may get chance to enter at lower levels.
CMP -89
Target - 95/105
SL - 82
Study the stock & Trade Responsibly.
On a daily chart ASHOKABUILDCON has broken the trend line and now its retesting the breakout line. If it closes above the red line ~95 (which is historically a strong resistance on weekly timeframe) we can expect a good move of upto 10% on the upside and the target can be kept if it touches the green line somewhere around 110 (but it can move beyond that as well...
One way to trade using an ascending triangle is to enter once the resistance level has been broken and the price starts to move to the upside.
You can place the stop loss below the upwards sloping side of the triangle pattern and measure the profit target by taking the height of the back of the ascending triangle and extending that distance up from the trend line...
Key levels to watch is 108, breakout beyond which will add momentum to the scrip.
113, 117 and 125 are short to medium term levels to keep a watch.
On daily chart, the price is sustaining above 20 EMA.
Always keep a stoploss.
