Ashok Leyland - Technical Update
Ashok Leyland is entering into a nice triangle. The triangle however has mostly entered into a phase of "no clear signal" zone. The volumes are not clear for defining a clear triangle.
- The zone has entered into a nice resistance zone at this current level. This is the third time that it has reached this level.
- MACD is still on the positive zone. The column bars are still giving any indication or signal for a reversal of trend.
- RSI is still at high 60s. The last time we had correction at this level.
- Accumulation and Distribution chart is still on the upmove. The last few weeks is showing some resistance on the volume charts too.
- The stock is comfortably above the 200 and 100 day moving average.
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