Asian Paints - Target 3707
Updated
Completed a triangle formation on weekly charts and advancing towards 3707+. If the corrective waves were to be labeled as ABC, then the wave labeled as D in this chart would qualify as an impulse having completed wave 3 and wave 4 validly, and marching on wave 5, in which case the target is 3707. Basis the hypothesis of triangle completion, the target is 4247 - 4553, which of course would be in long term as the apex of triangle is spanning over long term of 4 years.
Opened Long sometimes back, and accumulated more today with first target (trading target) of 3707.
Disclaimer : The contents herein are my personal views and opinion, for me to make an investment decision for myself, shared here with an objective of seeking views and comments from traders community at trading view platform. Nothing contained herein should be construed as an advice, offer, inducement or encouragement to buy or sell any shares, security, derivatives linked to the security, debt security or any other security of the company or the underlying mentioned herein. The readers must make their own independent assessment, evaluation and valuation of the underlying / company and/or any of the securities issued by it or referenced to it. The reader is advised to take advice from their own professional financial advisors before entering into any transaction or making a financial decision, without relying on anything contained hereinabove, or views given as addendum or comments hereafter. The author shall not be responsible or liable, directly or indirectly, for any loss or damage, including loss of profits, caused to the reader, or any other person or third party, whether pecuniary or otherwise, whether in present or in future, whether incurred or probable. However, the author shall be glad if the readers want to share with the author, the proceeds of profits (excluding losses if any) made in the investment mentioned herein. Any replication of the contents herein is strictly prohibited except with the prior written consent of the author. Deviation of anything from above shall render the positive profits to be clawed back to the author.
Opened Long sometimes back, and accumulated more today with first target (trading target) of 3707.
Disclaimer : The contents herein are my personal views and opinion, for me to make an investment decision for myself, shared here with an objective of seeking views and comments from traders community at trading view platform. Nothing contained herein should be construed as an advice, offer, inducement or encouragement to buy or sell any shares, security, derivatives linked to the security, debt security or any other security of the company or the underlying mentioned herein. The readers must make their own independent assessment, evaluation and valuation of the underlying / company and/or any of the securities issued by it or referenced to it. The reader is advised to take advice from their own professional financial advisors before entering into any transaction or making a financial decision, without relying on anything contained hereinabove, or views given as addendum or comments hereafter. The author shall not be responsible or liable, directly or indirectly, for any loss or damage, including loss of profits, caused to the reader, or any other person or third party, whether pecuniary or otherwise, whether in present or in future, whether incurred or probable. However, the author shall be glad if the readers want to share with the author, the proceeds of profits (excluding losses if any) made in the investment mentioned herein. Any replication of the contents herein is strictly prohibited except with the prior written consent of the author. Deviation of anything from above shall render the positive profits to be clawed back to the author.
Trade closed: stop reached
This is a failed trade. Fundamental changes in the market, after entry of Aditya Birla Group and JSW has materially altered the view and vision on stock. It would be better to trade on fundamentals than on technicals.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.