Asian paints after consolidating in a parallel channel has given a break out of the zone and closed above the box.
The stock on the daily time frame has closed above both the moving averages.
For the intraday trade, the stock has formed a flag and pole pattern on smaller time frame. On hourly time frame, the stock has given a close above 20 and 200 emas.
3 point confirmation.
1. Break out on daily time frame of the consolidation zone.
2. Closed above both the daily moving averages.
3. High volumes than the previous day.
Asian paints ltd is a high weightage stock in Nifty index and can follow the bullish trend of the market.
Target :- 3185, 3240
Stop loss :- Close below 200 ema(hourly time frame).
Wait for the stock to retest of the consolidation zone and price action near the level before entering the trade.
Both intraday and swing opporunity can be initiated once the stock closes above the flag and pole pattern.
The stock on the daily time frame has closed above both the moving averages.
For the intraday trade, the stock has formed a flag and pole pattern on smaller time frame. On hourly time frame, the stock has given a close above 20 and 200 emas.
3 point confirmation.
1. Break out on daily time frame of the consolidation zone.
2. Closed above both the daily moving averages.
3. High volumes than the previous day.
Asian paints ltd is a high weightage stock in Nifty index and can follow the bullish trend of the market.
Target :- 3185, 3240
Stop loss :- Close below 200 ema(hourly time frame).
Wait for the stock to retest of the consolidation zone and price action near the level before entering the trade.
Both intraday and swing opporunity can be initiated once the stock closes above the flag and pole pattern.
