A shooting start appeared close to the 50 percent fib retracement, the tail of the candle faced resistance at the MA. The volumes of up candles seem decent RSI is at 50 levels. A failure swing may form at the 50 levels, bulls should be comfortable above 1657 with good volumes follow up.
Prices took support from long term support level and week ended with long wicked bullish candle. (long bias)
While analyzing weekly long wicked bullish candle, on daily time-frame prices broke the down trend-line with strong bullish momentum candle which signify possible trend change.
After breaking down...
Asian Paints looks good for a breakout.
One can go long if it closes above the upper trendline.
Remember,trade is valid only if candle closes above trendline.
Keep SL and Target as per your RR.
Always trade after determining your risks and don't forget position sizing.
ASIANPAINT is moving to 1496 in a trendline , it is near it's support if you fin it breaks that support andi think there is high chance for that and so it will move to 1496 and i think it should go lower before any upward movement so it is a good position for short selling
technical indecators are also showing bearish signal
EVEN THOUGH I WON'T SUGGEST TO DO...
- Asian Paint is forming H&S pattern. This pattern is usually forms when the stock prices reaches its all time high and at the top.
- This pattern yet not completely formed but the love towards the patterns help me to project the things.
- This is too early to get in any position.
- All you can do is just wait for bounce from the neck line and let it form the...
This is a continuation to the earlier analysis of Asian Paints weekly chart
Gann Analyisis of price suggest that the recent bounce tested the 1/8 angle and failed to cross above
The lower level targets as per Gann coincides with important structure levels as well.
Asian Paints could witness selling pressure in the short term. Presented below is analysis of the stock in multiple time frames.
Pitchfork analysis show that the price has tested the median line in the upward channel in a weekly time frame. A break below that could take the price to lower levels- possibly to 1620-1530 in the short term.