Chart does insist me the above titled opinion
Reasons
In Monthly timeframe, Asian paints looks like, is in formation of a DOUBLE TOP!!! (Making HIGH(Jan 2022)and LOWER HIGH(Sep 2022) respectively)
(shown as image attached in the chart)
1. Asian paints has been travelling in Ascending channel pattern(red and green) taking support at respective levels from 2019.
2. Now currently its is in the down swing in a descending channel(white trendlines).
3. January 2023 Monthly candle - going to be the decider for further move.(if it closes below 2900- we can confirm the bearishness further)
4. In daily time frame, it has formed a Head & Shoulders pattern and given BREAKDOWN!!!
5. By H&S pattern, Target gets to about 200 points(to 2850 level).
6. Green line down near 2900 is acting as support from 2020.
7. DOUBLE TOP (Monthly timeframe) will mostly likely be confirmed if the Green line gets broken.
8. Let's wait and watch whether the monthly candle breaks the green line or not!!!
Asian paints is one of the stocks which has not reached the 52 week high (during recent rally of market)!!!
Take SL as day candle closing out of the white channel.(3090) & Keep Trailing the SL!!
1st Target - 2900,
will update once it reaches this target.
If the Double top works as it does, Asian paints can see 2250 level soon.
Even if we don't trade now, It is better if we don't make any long term investment on Asian paints as of now.(as it is bearish)
Let's wait and watch how it moves!!! What this is going to teach us!!!
Note : Just sharing my view.....Not a Tip nor Advice!!!
Reasons
In Monthly timeframe, Asian paints looks like, is in formation of a DOUBLE TOP!!! (Making HIGH(Jan 2022)and LOWER HIGH(Sep 2022) respectively)
(shown as image attached in the chart)
1. Asian paints has been travelling in Ascending channel pattern(red and green) taking support at respective levels from 2019.
2. Now currently its is in the down swing in a descending channel(white trendlines).
3. January 2023 Monthly candle - going to be the decider for further move.(if it closes below 2900- we can confirm the bearishness further)
4. In daily time frame, it has formed a Head & Shoulders pattern and given BREAKDOWN!!!
5. By H&S pattern, Target gets to about 200 points(to 2850 level).
6. Green line down near 2900 is acting as support from 2020.
7. DOUBLE TOP (Monthly timeframe) will mostly likely be confirmed if the Green line gets broken.
8. Let's wait and watch whether the monthly candle breaks the green line or not!!!
Asian paints is one of the stocks which has not reached the 52 week high (during recent rally of market)!!!
Take SL as day candle closing out of the white channel.(3090) & Keep Trailing the SL!!
1st Target - 2900,
will update once it reaches this target.
If the Double top works as it does, Asian paints can see 2250 level soon.
Even if we don't trade now, It is better if we don't make any long term investment on Asian paints as of now.(as it is bearish)
Let's wait and watch how it moves!!! What this is going to teach us!!!
Note : Just sharing my view.....Not a Tip nor Advice!!!
Trade active
Comment:
Moving as per levels
Trade active:
TARGET 2900 Reached!!!
Trade active
Trade closed: target reached:
2700 -- 2nd target level done!!!(yellow dashed line)
seen respecting the trendlines...
2700 may acts as consolidation zone...there may be quick up move or a sad sideway move!!
seen respecting the trendlines...
2700 may acts as consolidation zone...there may be quick up move or a sad sideway move!!
Comment:
is it the start of next down move to 2500 level ?!!!
Comment:
At a crucial level!!!
Comment:
