Possible breakout in ASIANPAINT

ASIANPAINT has been in a continuous downtrend since 11th January and has undergone a good round of correction.

On the 1 hour chart, a clear inverted Head and shoulders pattern can be seen which was formed over a period of almost one month.
The stock is trading with above average volumes near the neckline of the inverse head and shoulders pattern.
It is also near its long term bearish trendline which has been providing resistance to price since 11th January.

A break above this neckline and bearish trendline might result in a good breakout if the volumes continue to be good.

Keep an eye on this for coming time as the stock is very strong above 2450 (50 EMA on daily timeframe ) levels.

Thanks and Regards,


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