Asianpaints on 1 hour time frame is trading between 2 important zones as shown in the chart.
A break of the lower side of ZONE2 at 1577 could push the price further down following a Bearish ABCD pattern.
Furthermore, Fibonacci levels plotted over the last bearish swing shows retracement levels of 61.8% and 50% in ZONE1, signalling a possible reversal from those levels.
Short at a breakout below 1577
TGT1: 1560
TGT2: 1540
NOTE:
-Trade will be valid until and unless price closes above ZONE1.
-Trade with confirmation of momentum & volume on lower timeframes in intraday.
A break of the lower side of ZONE2 at 1577 could push the price further down following a Bearish ABCD pattern.
Furthermore, Fibonacci levels plotted over the last bearish swing shows retracement levels of 61.8% and 50% in ZONE1, signalling a possible reversal from those levels.
Short at a breakout below 1577
TGT1: 1560
TGT2: 1540
NOTE:
-Trade will be valid until and unless price closes above ZONE1.
-Trade with confirmation of momentum & volume on lower timeframes in intraday.
Comment:
Reversed from Zone1 successfully!