Ashok Leyland has been in a down trend since it hit its 52 week high of 167 in May 2018. The ongoing slowdown in the auto sector seems to be adding up to the problem. We were able to catch the downmove just with the help of Elliott wave and channeling technique.
Below is the chart with detailed analysis published in our report named- “The Financial Waves STU”
Ashok Leyland 60 mins chart: (Anticipated as on 15th May, 2019)
Ashok Leyland 60 mins chart: (Happened so far as on 16th May, 2019)
(Below is the extract taken from our daily equity research report)
Anticipated as on 15thMay, 2019: We can see the prices moving in the form of an impulse. The prices are moving in the downward slopping black channel. As long as the resistance of the upper black trendline is held intact we can expect prices to move lower towards the level of 78.90 which comes to 61.8% extension of wave a.
In short, the trend for Ashok Leyland is sideways to negative. As long as 86.50 is intact on upside, we can expect the prices to move lower towards the level of 80 levels.
Happened as on 16th May, 2019- Prices moved just as expected and moved lower forming an intraday low near 81.40 levels. The trend has continued to stay negative and further downmove looks plausible.
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