Asian Paints - Possible Upmove NSE:ASIANPAINT has come out of the zone before it dipped halfway.
Also, it has closed above 50 DMA.
If it stays above the line, we can see strong build up.
Asianpaints
Sell Asian Paints tomorrow.Technically, candlesticks in 1 hour chart shows double top pattern and evening star.
Also negative divergence strongly indicates that price may go down tomorrow.
Sell CMP - Rs. 967
Target - Rs. 952
Stoploss - Rs. 977.85
Minimum Risk Target could be 1:1.
You could cover your position and wait for triple top again in 2-3 days.
Asian Paint - Colour is not bright!Asian Paint's relative strength in comparison to Nifty is poor. While Nifty has crossed above its Dec high, Asian paint has only retraced it. The stock is poor and is not worth investing in, especially when Nifty is going to fall from Tuesday onwards.
Even when Nifty will complete its downward Timewave, this stock is not worth investing in as it will underperform Nifty. Its best to ignore it.
Asian Paints Breakdown, sell on rally to 890 levelsCounter has broken 200 DMA convincingly, along with major support zones. These will now start acting as major resistance. With the overall bearish sentiment persisting in the market the counter could further weaken to 800 levels. The short sell should be initiated only on a pull back to ensure decent risk/reward ratio can be achieved.
Asian Paints approaching long term supprotAsian Paints has been falling nose down, it doesn't seem to be looking strong enough to see upside movement, also it has broken long term trend line and has been approaching long term support around 831-830 in near term, traders may enter short asian paints at cmp.
Butterfly pattern formation on Asianpaints - LONGButterfly 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
Asian Paints: Support and Resistance AnalysisIt is been observed on the daily chart that the price action picks up from the support levels at 1025, now it shall move to previous support level which is now act as resistance levels.
Target: 1095
Stoploss: 1020
Risk Reward: 1:2
Asian Paints - WeeklyJust an observation. High Risk traders can short here but its a Weekly chart and at almost all time highs - cannot recommend shorting the same.
Asian Paint Breaking out to FRESH HIGHS After a consolidating for a while, Today the price action breaks above the previous highs and made a new fresh high close. It indicates strength from buyers side and up ward shall continue.
Target: 1190
Stoploss 1150
