Ashok Leyland daily chart:
The stock was in a descending channel (bull flag), indicating a pullback in a larger uptrend.
It recently had a bullish breakout from the channel with strong momentum, suggesting the bulls are trying to resume the uptrend.
Price is now pulling back to the breakout zone (~231), which is a typical "breakout pullback" setup.
As long as price stays above the support zone (~231), the trend is bullish with a potential target near 255 (measured move).
If the price drops below 214, the breakout may fail, and a deeper correction could follow.
Summary: Bullish breakout with a healthy pullback; watch for a bounce near 231 to confirm continuation toward 255.
The stock was in a descending channel (bull flag), indicating a pullback in a larger uptrend.
It recently had a bullish breakout from the channel with strong momentum, suggesting the bulls are trying to resume the uptrend.
Price is now pulling back to the breakout zone (~231), which is a typical "breakout pullback" setup.
As long as price stays above the support zone (~231), the trend is bullish with a potential target near 255 (measured move).
If the price drops below 214, the breakout may fail, and a deeper correction could follow.
Summary: Bullish breakout with a healthy pullback; watch for a bounce near 231 to confirm continuation toward 255.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.