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Ashokabuildcon

Ashoka Buildcon, Bullish Trend with Multiple ConfirmationsTechnical Analysis of Ashoka Buildcon Ltd. Overview: Ashoka Buildcon Ltd. has recently demonstrated a bullish breakout from a classic Cup and Handle chart pattern, supported by robust trading volumes. This pattern, known for its bullish implications, suggests a strong potential for continued upward momentum. Volume Analysis: A noteworthy observation in the volume analysis is the stark contrast in trading volumes during price movements. Each time the stock price declined, the volumes were very low, indicating weak selling pressure. Conversely, during price increases, the volumes were aggressively high, reflecting strong buying interest and investor confidence. Elliott Wave Analysis: According to Elliott Wave theory, Ashoka Buildcon Ltd. appears to have commenced the third wave of the third wave (wave 3 of wave (3) of wave ((3)). The third wave in Elliott Wave structure is typically the most powerful and significant, often characterized by rapid and sustained price advances. This suggests that the stock could experience a substantial upward trajectory in the near future. Technical Indicators: RSI (Relative Strength Index): The RSI is currently showing strong bullish momentum, consistently above 60 and 70 across daily, weekly, and monthly time frames. This indicates sustained strength and buying interest. MACD (Moving Average Convergence Divergence): The MACD is positively aligned across all time frames, reinforcing the bullish outlook. Cup and Handle Pattern: Breakout: The bullish breakout from the Cup and Handle pattern is a significant development, often indicating the start of a strong upward trend. Targets: Based on the pattern, potential targets can be projected by measuring the depth of the cup and adding it to the breakout point. Specific targets will depend on the exact dimensions of the pattern on the chart. Stop Loss: To manage risk, a stop loss can be placed just below the handle's low or the last significant swing low, ensuring protection against unexpected downturns, which is possibly in market. Key Insights: Chart Analysis: "The chart says everything; we just have to be able to hear." This highlights the importance of paying attention to the technical signals and patterns, which currently point towards a bullish future for Ashoka Buildcon Ltd. Bullish Outlook: With the confluence of strong technical indicators, a significant Elliott Wave setup, and a confirmed Cup and Handle breakout, the stock looks very bullish going forward. Investors should monitor the invalidation level at the last swing lows for risk management. In conclusion, Ashoka Buildcon Ltd. presents a strong bullish case with multiple technical factors aligning to support a positive outlook. The combination of high volumes on upswings, a robust Elliott Wave structure, and the Cup and Handle breakout suggest significant potential for upward movement. I am not Sebi registered analyst. My studies are for educational purpose only. Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses. Most investors treat trading as a hobby because they have a full-time job doing something else. However, If you treat trading like a business, it will pay you like a business. If you treat like a hobby, hobbies don't pay, they cost you...! Hope this post is helpful to community Thanks RK💕 Disclaimer and Risk Warning. The analysis and discussion provided on in.tradingview.com is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
NSE:ASHOKALong
by RK_Chaarts
Ashoka Buildcon at an Important levelAshoka Buildcon has closed above EMA 50 @ 77.15 after taking support at MA 9. the stock has taken multiple rejections from EMA 100 line which also acts as main resistance to the stock price since a long time. The stock is expected to reach the target price by taking its previous price actions and current closing above EMA 50. If the stock price reaches target and successfully closes and sustains above EMA 100 then we can look forward to hit target 2. Place strict stop loss of 3.4 % for decent risk reward of 1.33 for target 1. The stock price may retest EMA 50 before hitting Target 1. Since the volumes are huge it may not give an opportunity to take a position. Leave the trade if it goes beyond your risk reward we have thousand other stocks to take trades. exit the trade once the trade hits the target or stop loss. Place stop loss GTT trade while taking the position. remember to authorize the sell every morning to execute the GTT trades successfully. Note,: This is a trade idea upon my personal observation, this is not an recommendation. I request you to do your own research before taking the trade. Do comment for any doubts or clarification.
NSE:ASHOKALong
by harshith67
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