ASHOK LEYLAND MONTHLY , WEEKLY, DAILYCHART

MONTHLY CHART

• THERE IS A RALLY IN STOCK FROM 6.15 TO 40.95,  THAT LASTED FOR 23 MONTHS.

• THEN STOCK STARTED DECLINING & RETRACED FOR ABOUT 85% OF ITS PREVIOUS RALLY, WHICH COMES AT 11.75, IN 33 MONTHS.

• STOCK THEN MADE A BOTTOM IN AUGUST 2013 AT 11.75.

• NOW STOCK IS TAKING RESISTANCE AT 19.50 WHICH IS THE 26% RETRACEMENT OF ITS PREVIOUS DOWNFALL FROM 40.95- 11.75.

• HOWEVER LOWER TOP, LOWER BOTTOM FORMATION STAYS INTACT, UNTILL STOCK COMES ABOVE PRICE RANGE OF 21- 23.

WEEKLY CHART



• STOCK IS STILL MOVING WITHIN A DOWN-TRENDING CHANNEL.




• STOCK FACED RESISTANCE VIA BEARISH ENGULFING ON WEEKLY CHART AT [ 19.50] 26%  RETRACEMENT OF ITS PREVIOUS DOWNFALL.




• IMMEDIATE SUPPORT IS AT 15.











•  FROM OCT 2013, STOCK IS TRADING IN A PRICE RANGE OF 4 POINTS.[ 15- 19].




• HENCE A RECTANGLE  CONSOLIDATION PATTERN IS APPARENT , RECTANGLE LOWER RANGE /BOUNDARY LINE COMES AT 15, UPPER RANGE/BOUNDARY LINE  OF RECTANGLE IS AT 19.




• VOLUME IS PRESUMABLE LESS ON REACTION WITHIN PATTERN, HOWEVER ITS INCREASES WHEN PRICE'S RALLIES WITHIN PATTERN, WHICH IS A PERFECT EXAMPLE OF CONSOLIDATION.




• BREAKOUT FROM THIS PATTERN WILL COME ONLY ABOVE ITS UPPER PRICE RANGE,, i.e 19-19.5.




• 200 SMA IS STANDING AT 17.64.




• IMMEDIATE RESISTANCE IS AT 20, 22, 23.




• STRONG SUPPORT IS AT 15.




























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