AshokLey, Levels and Trade Zone

16 sept. 2023

Chart Type - Heikin Ashi
Time Frame - Daily
Indicator:-
1. Moving Averages (For entry and exit)
2. Fibonacci Retracement (For support and resistance)

The price has successfully tested its Fib retracement level of 23.60% which is 179.15, the level acts as a strong support. Also the moving averages came close to each other showing the consolidation in the price at these levels.

Trade Zone:
Resistance1 - 186
Resistance2 - 191.50

Trade Plan:
I will wait for the levels of 186 to be broken and for a bullish crossover of moving averages.
Also keep in mind that on the weekly chart it has a retracement level of 23.60% at 175 level. So, the price can be volatile in the range of 175 to 186. You can check the weekly chart in the update section.

Disclaimer: This is my pre market analysis and my trading/analysis journal. Not a suggestion to buy or sell. The material here is only for educational purposes.

Thanks
Sardar Simranjit Singh Virdi

16 sept. 2023

Note

Weekly Chart of AshokLey
The momentum looks negative on the weekly chart but it can hold the levels of 175 because the level of 175 is the Retracement level of 23.60%

25 sept. 2023

Note

Ashok Leyland Daily Chart: Today the price indicates a pause in the trend. We have a doji like HA candle with long wicks followed by a strong body red candle. Also the price is in a support zone according to Fib retracement levels.