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.
High probability that it will get down till the support levels. must be a cake walk, even Rsi is showing weak signals.
Asian paints is currently developing Rounding Bottom Pattern in Daily timeframe. This move could easily take this stock to 1900 levels in this week. This stock may face major resistance around 1900 levels. if it breaks and sustains above 1900 then 2370 would be the short term target. But for this week you may but at 1850 target 1900.
If able to break and sustain above 1845 then upside possible at 100 % fibbo retracement level and can reach 1897. If breaks below 1806 then can reach 1755- (near fibbo level of 0.236)
If we check Bhavcopy and compare Volume with Delivery Percentage( Last Eight days ) , Asian Paint looks like a bull Trap for me. i prefer short sell this stock on 1858/- , Interesting Setup forming on Daily chart Tight stoploss on 1917/- will be plotted for safety
We have got 11 points profit on berger and its over!
Its a matter of time when the stocks will start falling suddenly. Looks strong bearish we will wait for further indication to take action. Not a buy recommendation.
Key Levels for BERGER PAINTS : UPPER BREAKOUT~524.85 FIRST TARGET~534.75 INTERIM RESISTANCE~543 FINAL RESISTANCE~550.85 **************************** LOWER BREAKOUT~507.70 FIRST TARGET~500.45 INTERIM SUPPORT~493.20 FINAL SUPPORT~485.35 Please trade with caution and consult your financial adviser before trading.
Short NSE:ASIANPAINT below 1635 Target 1600/1580/1560 SL 1655
Asian Paint bounce back from its Weekly Upward Channel Support. It is also bouncing back from the 100 day EMA dynamic support level. Can go long. SL- Below the Upward Channel Support. Target- Upward Channel Resistance.
S/R levels marketed for long term view.
Multiple trend line trading... Buy above 1765 for 1780,1810,1850+++ Sell Below 1720 for 1700,1670,1620+++ Critical zone+ 1720-1765(sideways) Follow us to get more views on your requested stocks & learn technicals *All views for Educational purpose, Trade at your own risk Gap up/down for entry wait for break further levels
FOLLOW
Sell AsianPaint at 1660 Stoploss 1685 Target 1585