ASHOKA trade ideas
ASHOKA BUILDCON on a Breakout!!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 which am not aware).
#PersonallyNotVested
Disclaimer : Kindly consult your financial advisor before taking any trade.
Ascending triangleOne 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 breakout.
ASHOKA BUILDCON LONGChart is self explanatory
Buy the stock near the trendline and stop loss should be considered as closing below trendline on daily basis.
Hold with Patience.
Disclaimer: This view is for only educational purpose. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before taking any trade.
Swing Opportunity in Ashoka BuildconGo Long above 107.2 for Targets of 112.9, 118.6, and 124.3 with SL 101.5
Reasons to go Long :
1. On a daily timeframe if we draw the Fibonacci retracement tool from recent swing low (point A) to recent swing high (point B) then we see stock took support from 0.5 Fibonacci level.
2. Also a bullish candlestick pattern Bullish Harami (marked with orange color) is formed around 0.5 Fibonacci level.
3. In addition to this, there is a strong trendline (marked with green color), which is providing support to the stock.
Ashoka Buildcon - On the way to reclaim its past gloryOne can witnesss a reversal in this chart.....there has already been an INHS formation and at present we are going through an ascending triangle but the brerakout seems complete from the INHS already... if the target of INHS achieves than it crosses its previous High and we can then position for the final target at 1.618 fib retracement level...need to keep a stop loss of 88 and trailing SL if any of the 3 targets are achieved at the resistance levels marked in chart