SWING IDEA - ASHOK LEYLAND
Updated
Ashok Leyland, one of India's leading commercial vehicle manufacturers, presents a compelling opportunity for swing traders.
Reasons are listed below :
Target - 215 // 250 // 300
StopLoss - weekly close below 160
Disclaimer :
Decisions to buy, sell, hold or trade in securities, commodities and other investments involve risk and are best made based on the advice of qualified financial professionals. Any trading in securities or other investments involves a risk of substantial losses. The practice of "Day Trading" involves particularly high risks and can cause you to lose substantial sums of money. Before undertaking any trading program, you should consult a qualified financial professional. Please consider carefully whether such trading is suitable for you in light of your financial condition and ability to bear financial risks. Under no circumstances shall we be liable for any loss or damage you or anyone else incurs as a result of any trading or investment activity that you or anyone else engages in based on any information or material you receive through TradingView or our services.
@visionary.growth.insights
Reasons are listed below :
- Cup and Handle Pattern: The stock has formed a cup and handle pattern, indicating a potential bullish continuation. This pattern suggests a brief consolidation followed by a breakout, typically leading to an upward trend.
- Breakthrough of Resistance Zone: The 160-level was a strong resistance point, but the price broke through it, retested, and is now forming new higher highs, indicating a continuation of the upward trend.
- Bullish Marubozu Candle on Weekly Timeframe: This candle, characterized by a lack of upper and lower shadows, suggests strong bullish momentum and consistent buying pressure.
- Breaking a Long Consolidation Phase: Ashok Leyland has broken out of a consolidation phase that lasted for 6 years, signaling a significant change in market sentiment and a potential start of a new bullish phase.
- Weekly Engulfing Candle: The weekly engulfing candle has enveloped the price action of the past 40 weeks, indicating a substantial shift in momentum and suggesting further upward movement.
- 0.5 Fibonacci Support: The 0.5 Fibonacci retracement level provides strong support, indicating that the price might continue to rally after retracements or dips.
- 50 EMA Support on Weekly Timeframe: The price is above the 50 exponential moving average, providing additional support and confirming the upward trend.
- Trading at All-Time High: Ashok Leyland is currently trading at an all-time high, indicating strong bullish sentiment. However, traders should be mindful of potential pullbacks or overbought conditions at such levels.
Target - 215 // 250 // 300
StopLoss - weekly close below 160
Disclaimer :
Decisions to buy, sell, hold or trade in securities, commodities and other investments involve risk and are best made based on the advice of qualified financial professionals. Any trading in securities or other investments involves a risk of substantial losses. The practice of "Day Trading" involves particularly high risks and can cause you to lose substantial sums of money. Before undertaking any trading program, you should consult a qualified financial professional. Please consider carefully whether such trading is suitable for you in light of your financial condition and ability to bear financial risks. Under no circumstances shall we be liable for any loss or damage you or anyone else incurs as a result of any trading or investment activity that you or anyone else engages in based on any information or material you receive through TradingView or our services.
@visionary.growth.insights
Note
Price up by 9.1% ++Note
13% ++ achievedTrade closed: target reached
1st target achieved : +18%Note
Can accumulate more at 188 levelsNote
we are close to our 2nd targetNote
watch out for 2nd target, partially book profitsTrade closed: target reached
2nd target achieved : 40%++
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