Techno Funda – Ashok Leyland

The long-term movement of the stock price (ASHOK LEYLAND) has been in an uptrend. The price action of the stock in the weekly time frame looks promising and approaching the upside, after testing 200 EMA with decent consolidation. Stock is also above all its key moving averages in the daily timeframe which shows bullishness. RSI is near 70 in a weekly time frame, RSI below 30 is considered oversold and above 70 is overbought. All imp. Indicators and oscillators are supporting a positive view of this Stock. Overall Ashok Leyland chart pattern indicates a good opportunity for buying. A sustainable move near current levels could open the round level target of 200. One should accumulate this stock from CMP to 160 levels, which now acts as a support for this stock because previously this level acted as resistance, and for the target of 198, which is around 20-22%, with the stop loss of 150.

Source: Capitaline Database, EWL Research, Reuters

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