Asian paints forming flag and pole pattern.

Asian paints had traded in a narrow range whole day after a initial up move.

On a daily anaylsis, the stock has broken its both crucial moving averages with a nice volume confirmation and can remain in green.

It has been taking resistance from its 4 hour 200 ema and has formed a doji in the end.

Immediate resistance are the high the points from where it retraced on a 15 minute time frame i.e. 3116, 3125

Once both the levels are crossed it can touch the target of 3160.

Support :- 3100,3072
Resistance :- 3108, 3120, 3160

It has formed a flag and pole pattern on hourly time frame.

Wait for the levels to break the range and watch for the price action before entering the markets.


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