guptaaditya24

Asian Paints: Shorting for target of 2798. Take entry at 2940

Short
NSE:ASIANPAINT   ASIAN PAINTS LTD
Hello Traders,

One can short Asian paints when a 75 minute/60 minute candle closes below 2945. The target of 2798 should look achievable if there is no reversal from weekly resistance (blue line).

Entry price: Short at 2940-2945
Target: 2798
SL: 2994/3031 Depending on risk appetite. I would go for SL of 3031 to avoid being taken out by any Wicks.

Disclaimer: I have already attempted the trade on Friday and shorted the current month Future Contract at 3976 (Around 3963 in cash segment). Although I entered it at high risk but it looks very much strong from chart.

Happy Trading.

Comments

SL hit. Booked losses
Reply
@pawanb29 I am not very sure of that situation. Yes you are right, but I believe if the monthly support is breached by daily, then the trend will turn Bearish and should take a deeper correction. I know I attempted it before the indications could be seen but I took that presumptive risk.
The right entry would have been at 2940 on daily closing basis.

Let us see how it goes.
Reply
what about higgen bullish divergence?
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