bhagat109

Asianpaints with a bearish candle at the top of the Channel

Short
NSE:ASIANPAINT   ASIAN PAINTS LTD
After reaching the target comfortably, profit was booked. Now it has shown a nice rejection candle at the upper end of the channel.
If it opens/crosses < 2054, it'll be an opportunity to sell it for a swing trade.
Rejection candle is identified by the long wick on the upside. Bulls tried to push the price above the resistance but bears won ultimately.
Also I'm expecting the market to be negative tomorrow.
Tgt: 1950 (Safe players can exit @ 2000)
SL: 2042
Trade active: Another rejection candle on 15 Oct at the upper end of the channel gives confidence.
Trade closed manually: Didn't move like I thought it would. Also today's last 1 hour candle OI was very high, meaning it can give a break out tomorrow on 21 Oct.

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