ALL THE LEVELS ARE MARKED ON CHART, RED ZONES DENOTES SUPPLY ZONES AND GREEN IS FOR DEMAND ZONE.
SELL BELOW 2210 IF STOCK IS ABLE TO BREAK THE LEVEL WITH VOLUME AND CONVICTION.
The indicator used:
1) Daily Lines plots Daily 20 (BLACK) & 50 EMA (GREY) on lower time frame charts
- PB : PULLBACK
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The graph is forming a megaphone pattern.
Highly likely that the price will fall anywhere in between 2032 to 2013 INR for this range is a strong demand zone.
Going for SHORT would be preferable in the days to come .
I have been studying stocks for the past couple of months (6 months) to be precise, and have been learning different types of chart techniques.
Have been looking at the Asian Paints stock for study purposes and this is something that caught my eye.
If we consider the uptrend that the stock has been doing and, look at the short term downtrend, can this be...
ADANIPORTS - Current Position is Sell, sold on 2020-11-19 at 387.09. Action for Next Trading Day: Continue SHORT and reverse to LONG if ADANIPORTS closes above 380.61
ASIANPAINT - Current Position is Buy, bought on 2020-11-23 at 2168.82. Action for Next Trading Day: Continue LONG and reverse to SHORT if ASIANPAINT closes below 2177.59
AXISBANK - Current Position...
Asian paints has taken a support at the indicated trend-line numerous times and it has done the same this time too.
This should be a good entry level.
Go long in Asian Paints.
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Aisan Paints is forming a double top pattern in 1H time frame. Resistance at 2240-2245, Once the resistance is broken you can enter and the resistance should act as support. Earnings reports were also good with2.66 which is 28% above the expected returns. If the resistance is not able to break the enter a short position for a target of 2160.