The stock has been confronting with a heavy selling pressure near 1820 zone since September 2019. I can clearly observe 3 to 4 million share prints around this level. Even the March 2020 fall began with a 6 million print in the same zone. Currently the stock has been testing the 1820 zone and again there is a 3.7 million share print. This observation has been signalling a correction or a pause at this level as the supply is still huge. There are a couple of rejections on the daily chart but lower time frames are yet to confirm weakness. If the weakness confirms, we may see 1700-1720 levels in the coming weeks.
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Regards JJSingh
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Right at the downside target 👍
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Fast and furious
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Below 1500 there is possibility of 1450 Just beware that we are entering into buyers' zone. Use stops as sharp moves may follow.
Do you still see a downward move? or its forming to go long from here as there is a retest in 4 hrs candle. it seems there is selling climax as well , Please suggest.
short term correction upto 1700/- is quite possible.. but I dont think this level of observation is required for such a small correction. Crude price making lows on daily basis is a positive signal for paint stocks.. so long term perspective it is bullish and can make new 52 week highs..
sabu_m
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Good observation and analysis ... I also notice a bearish reversal pattern (Advanced Block) in the daily chart... So i agree to your view of a reversal