After the sell off, a few scrips are back on 200EMA. For all those trend followers here are few in comments. ASIANPAINTS--> INDIGO--> HEROMOTO--> IOC--> TORNTPHARMA--> IBULHISFIN--> PNBHOUSING--> BALRAMPURCHIN-->
ASIANPAINT completed the cup and handle and broke out of the neckline. Its retesting the neckline to see if it has turned into support.
ASIANPAINT is moving between sup/resistance Currently right on the level of breakdown / reversal to the next level.
Simple Classical downtrend Channel trade need not any explanation. One can take chance now with stop loss just above the high of today. If works would provide good risk to reward if not there is small risk.
We are in the wave C of the zig zag correction. In long term the correction may take us to 750 levels.
Butterfly pattern formation on Asianpaints on 1 hr chart and 860 showing good support. Trade: Buy above - 871 Target 1 - 877 Target 2 - 884 Stop Loss - 861 Reward Points - 13 Risk Points - 10