ASIAN PAINTS - LONG

May 7, 2020

With regard to the Fibonacci level, it seems a reversal from the last few days downtrend from the current level (78.6% Fibonacci level). To make this trade strong with double confirmation, it is just above the support level of around 1540, hence we suggest a long swing trade on this scrip with a favorable risk to reward ratio of 1:3, with a stop loss just below the current daily candle.
This trade is supported by the last few day's accumulations of volume and Stochastic- RSI moving up from below 20 levels.ASIANPAINT