Ashok Leyland Gear Up

Targets : 104-108 / Higher Buy range : 88-91 Stoploss : Below 79 Duration : 3-4 weeks

Synopsis :
After showing a sharp downward correction over the last 5-6 months, The Ashok leyland has shifted into consolidation over the last few weeks, as per weekly timeframe.Share has hit one month high on 26-May-17.
Presently, the stock price has staged an upside breakout of the weekly consolidation around Rs.88-89 levels (shown in two parallel black lines) and closed above Rs 91 which is to be an upside breakout from a triangle pattern aswell ( red converging lines ) with a sudden increase in volumes.
The stock price held above the key lower levels multiple supports around Rs.79-80 levels over the last few weeks. This is positive indication and suggests emergence of sharp buying interest from near these imp supports.
Weekly positive swing indicator like 13 period +DMI and weekly trend strength indicator 13 period ADX are all suggesting that the uptrend strength is increasing in the stock price.Bullish MACD line is crossed over signal line today. As per Chaikin Money Flow buying pressure built up is seen from today
The overall positive chart setup is showing an opportunity for long trade setup. Look to buy Ashokley as per levels mentioned above