Ashok Leyland

The recent pullback in Ashok Leyland has brought the price back to the lower Bollinger band near 46, a good support for a possible rebound, especially as the entire pattern from March looks like a triangle. The next move up would face short-term resistance near the 20 DMA at 51.30, and above that would attempt to break out of the top end of the triangle above 58.25. A close above 58.25 would amount to a confirmed a breakout for a move back to maybe 80. The level is based on measuring the size of the triangle in April and projecting it above the breakout point.