ASHOK LEYLAND Daily NSE Stock Chart Technical Analysis:
Ashok Leyland is moving within a price channel as was discussed in my 22 Oct blog post. Also as was observed in that post, the price has continued to hug its 50 day moving average.
Today the market closed at 75.3, a fall from the opening price of 76.25.
Market Outlook: The market close lower tomorrow. After that, it will try and recover its 50 day moving average.
Technical Indicators:
- The blue dot shows a point where the price will have to make a final decision to break out of its Rs 70 resistance line. This will happen in the 4th week of Nov '10.
- If market remains above Rs. 70 for 2-3 consecutive days, then based on other positive factors, a long position can be entered into.
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