Ashok Leyland Beginning of downtrend.
Updated
Unless we get some great news here, this stock is gonna go in a long downtrend if we break the neckline/support at 105.5.
1) Head and Shoulder signalling trend reversal from bullish to bearish.
2) Descending triangle signalling bearish pattern.
My previous idea had a target of 116-118, which we might not reach. I am going to close my long trades here and will open positions only if we break out of the triangle.
1) Head and Shoulder signalling trend reversal from bullish to bearish.
2) Descending triangle signalling bearish pattern.
My previous idea had a target of 116-118, which we might not reach. I am going to close my long trades here and will open positions only if we break out of the triangle.
Trade active
Trade set up for tomorrow :The support and resistances are marked in the chart. The rsi approaching oversold on lower Timeframe, and it is yet to break the current support zone which. I wouldn't open any long positions unless we break out of the green zone convincingly. If we do break out (which is unlikely imo) it will run up to the resistance zones fast. A break below could see a retest of 107 levels and then 105 levels.
Larger time frame still signalling trend reversal from bullish to bearsih.
Good luck
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