Following a peak at an all-time high of 191, ASHOKLEY appears to have undergone a corrective phase, completing what seems to be an ABB correction wave pattern. Currently priced at 162, recent market activity indicates a bullish momentum with a notable uptick on the daily chart, particularly after touching an extended supply zone, suggesting a potential alleviation of selling pressures.
Analysis of the chart structure reveals a significant support level at the extended supply zone, coupled with a favorable buying range between 113% to 127% Fibonacci retracement levels from its recent swing low. This confluence of factors leads us to anticipate a resumption of upward movement in prices, potentially paving the way for a new high.
To manage risk, we recommend implementing a Stop Loss strategy at 155, triggered by two consecutive days of closing below this level. For swing traders, the initial target stands at 184, with the final target range for short-term traders projected between 196 to 206.
This assessment suggests a promising opportunity for investors to consider ASHOKLEY as a potential buy candidate following its correction phase, with calculated risk management and realistic price targets in mind.