Ashok Leyland Support Broken

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Ashok leyland opened flat but during today's session the price dropped more than 3%. A strong body red candle broke the support of 175.90 which is a shallow pullback retracement level of 23.60%. Also it's important to mention that the moving averages are in a bearish cross. So, all these indicate a downtrend. The next important level to consider is 166.80 which could act as a strong support.

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Disclaimer: This is my pre market analysis and my trading journal. Not a suggestion to buy or sell. The material is only for educational purposes.

Thanks
Er. Simranjit Singh Virdi

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ملاحظة

Today's candle confirms the previous bearish signal of the evening star pattern. Also the support is broken by the evening star. From here the price could test the levels of 166

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ملاحظة