Ashok Leyland: Still a correction left?

In monthly, a pullback to test monthly resistance in a nice downtrend can be seen, which gives us a potential short assuming that the trend is not yet exhausted.

Weekly is in a nice downtrend since many months now and a doji has rejected the monthly resistance which is negative again. However, we see a TL break with big green candle in weekly which is a point of concern. But the pullback test is at Fib Levels which is again great.

With higher TFs on bearish side, we will look to confirm bearishness in the daily which can be after the breakdown from the rising wedge pattern. SL can be kept at monthly resistance of 78 with a target of 63 once daily gives a confirmation.

İşlem aktif:

Entered aggressively now on the basis of 75 min confirmation of TL break with big red candle with SL at monthly resistance.

İşlem kapandı: hedefe ulaştı:

Big gap down. Almost 3 times the target achieved at the opening!

Yorum:

Look how the price is respecting the Rising Wedge pattern. We have still not seen a clear break below the pattern. So, no entry yet.