attempt at drawing trend lines and support lines. my conclusion is bearish as levels shown. it formed a head and shoulder like pattern in higher time-frame.
A gap can be seen in the price of Asian Paints(highlighted in green), a previous attempt to fill the gap on 18th April did not succeed, stock has been able to hold Fibonacci level of 23.6%. Two successive dojis can be seen recently and delivery percentage for last three days are 55%,67%,57%(positive sign). The stock might move up once again to fill the gap.
Jai Hind
An alternative harmonised pattern is completed with 1.13 Fib
Ratio. A reversal confirmation and it falls till 1439.30 and
1403.25 as its T1 and T2 respectively.
Following up for this Long Term target.
Can short ASIAN PAINTS at CMP , as it is moving a channel sloping up. And signs of selling on the top of the channel .
STOP LOSS : 1494 . Can hold positions for targets 1465 / 1455 .
With the Strong Bull Candle today, it make me believe that Asian Paints is on its way up in the next few days.
1st tgt = 1435
if it stays above 1440 then
2nd tgt = 1470
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I'll take a position tomorrow and decide on the SL
This analysis done by using the longbuylongsell indicator.
The price of ASIANpaints in 2h 4h and D time frame touched its key support level and making higher highs now.
This trend will continue for some period. I am seeing this as good option to enter for long side trade with 100points target from here.
The golden star, PSAR green bars and background color green...
