There are several factors at play, but all can still fail.
RSI Divergence: Positive divergence on daily and weekly charts.
Pattern: Formation of a W-pattern on the daily chart, now retesting the range
Key Levels: Price near the 200-week moving average and a long-term trendline (since 2020).
Candlestick: Engulfing candle formed earlier on the weekly...
Trendline Support (Post-COVID): Ashok Leyland appears to be testing a key trendline that it has been following since the COVID-19 recovery period. This trendline, has been tested multiple times before, can act as strong support.
Fibonacci 50-61% Retracement (Demand Zone): The stock is currently sitting in the 50-61% Fibonacci retracement zone "golden zone"
The...
