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bhagat109
Oct 13, 2020 3:14 PM

Asianpaints with a bearish candle at the top of the Channel Short

ASIAN PAINTS LTDNSE

Description

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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