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dhinesh

Study 3: Ascending Triangle - ASIAN PAINTS

Long
ASIAN PAINTS LTD (NSE:ASIANPAINT)  
dhinesh Updated   
NSE:ASIANPAINT   ASIAN PAINTS LTD
Chart Patterns Ascending Triangle
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chartpattern ascendingtriangle
This is Just for study purpose. ASIAN PAINTS seems to be a ascending triangle breakout (Pattern - strong, Confident - average).
Buy if first candle opens above 2471 (SUPPORT) Mar 29 Monday.
It may retest at SUPPORT and possibly could reach 1st level target 2563 (RESISTANCE) and if this breaks it may reach 2nd level target 2665 (LONG POTENTIAL).
Comment:
As expected, it opened above 2471. Could have bought at 2520. Let us see if it can touch first level target i.e RESISTANCE and then we can check if it reaches 2nd level target (LONG POTENTIAL)
Comment:
First level target(RESISTANCE) hit: If profit booked at 2573. it is 2% profit. Lets wait and see if it reaches LONG POTENTIAL. It may retest or consolidate and may reach 2nd level target (LONG POTENTIAL)
Comment:
It almost retested and reached 2nd level target (2665). The profit could have been 5.7%.
Comment:
Trade closed.
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