possible wave direction
I published the idea earlier for Ashok Leyland as a SHORT Trade as was waiting for the channel breakdown. But now that it broke out, i will be long on this scrip. Target- 86 Target - 92
Trading mates can take advantage of beautiful symmetrical triangle breakout. How to handle : just go long in the direction of breakout if it turns out to be a busted pattern just reverse the position. Busted pattern performs even better. Good Luck
Looks to me as its creating a Flag Pattern on downside and break of the channel will lead to sharp downside. One can short this on close below 75 for below targets:- Target 1- 70 Target 2- 63 sl- 78
Stock is showing rise in RSI and falling price trend suggestive of bearish divergence.
Ashok leyland after breaking the down trend it tested the crucial 50% fibo level and again tested the previous level,the stock again seems to be approaching the 50% fibo. level again in near term,trades may enter long in ashok leyland up to the target of 92 in near term.