Multiple Reasons to go short:
1. RSI - Std Bearish Divergence is seen in 1 Hr & 15 Min Time Frame
2. Head and Shoulders Pattern in tandem with what looks like a descending triangle pattern
3. Broke the trend line, retested at the extreme of the trend line, and moved lower.
4. Negative Price action constantly developing at VWAP
If price opens gap up near 20EMA or VWAP, It should be a sweet spot to go short directly.
Target 1: 2910 levels and Target 2: 2885 levels
1. RSI - Std Bearish Divergence is seen in 1 Hr & 15 Min Time Frame
2. Head and Shoulders Pattern in tandem with what looks like a descending triangle pattern
3. Broke the trend line, retested at the extreme of the trend line, and moved lower.
4. Negative Price action constantly developing at VWAP
If price opens gap up near 20EMA or VWAP, It should be a sweet spot to go short directly.
Target 1: 2910 levels and Target 2: 2885 levels
Comment:
Today, due to a trading holiday in the US, FII participation is missing. and DII's are the only major participants here. Trading volume is also low. But this view given for Asian paints is still valid. Expect a good corrective move on the downside, despite it shooting up today in the morning session.