SmellTheCheese - SmelltheCheese to see if its is Getting Old

Dear all ,

Ashok Leyland has consolidated into a nice ascending triangle formation over the past few days (7-8 trading sessions) and is now set to breakout. One may advice longs in this stock provided we see a breakout from the formation. Longs only if there is breakout and the stock holds for the mentioned period ..

Ashok Leyland -Contingent Long position (upon breakout)

Entry Prices ->> 51.5 Rs holding for more than 45-60 mins

Target Prices on Breakout ->> 53.5-54 Rs

Holding Period After Breakout ->>  8-10 trading sessions

Stoploss if position taken ->> 50 Rs.

Please not that this is not a buy recommendation , its a contigent BUY recommendation which means that long may be opened in Ashok Leyland if we get a breakout signalled by  prices going past 51.5 during the day. So one may keep Ashok on the watch list and go long if there is a breakout … Will alert you once there is a breakout.

Avinash MB