Asian Paints corrected to Fib Retracement level of 23.6% - from highs of 3600
Disclaimer: View for Educational purpose only, not to be taken as trading or investment advice.
The analysis is done on daily TF hence price may take few days to few weeks in order to reach the targets.
Trade setup is explained in image itself. Second target is calculated based on range calculation method in technical analysis.
The above analysis is purely for educational purpose. Traders must do their own study & follow risk management before entering...
Asian Paints Ltd is an Indian multinational paint company.
The company is engaged in the business of manufacturing, selling and distribution of paints, coatings, products related to home décor, bath fittings and providing of related services.
Asian paints on weekly timeframe is on support trendline and has also formed a inside bar (harami candle) in downtrend on weekly time frame, Keep this in watchlist for small stop loss reversal trade.
The chart shows that the stock is trading at multiple supports. if reverses from here in coming trading sessions may go to the levels of 2890/3010. Sustaining below 2690 for a couple of days will show the weakness. keep an eye.
Only for learning and sharing purposes, not a bit of trading advice.
All the best.
Asian Paints has been a consistent compounder in Indian decorative paints Industry. With increasing Crude Oil volatility expectation from February due to Russia's decision to not sell Crude Oil to countries respecting EU's $60 price cap, the share has corrected from 3600 to 2800 levels ~ 22%
The recent earnings report further accentuated the concerns of...
Hello traders,
It is a quick update about Asian paints. Security has made a downward channel. After the rectangle breakout, it made another rectangle pattern.
The 3033 level is an essential support level to keep an eye on. A breakout will intensify the bearish atmosphere. We can expect a new low based on the price action of the second rectangle pattern If...
Asian paints has created double bottom on hourly chart. Also their is RSI Bullish divergence seen. It has also given breakout above the trend line. We can go long once it break above the resistance at 2924. Target will be 3036. Keep the Stoploss at previous swing low or low of the breakout candle.
An intraday setup with a convenient risk-reward ratio.
All levels are mentioned on the charts.
Only for learning and sharing purposes, not a piece of trading advice in any form.
All the best.
Berger Paints is 2nd biggest player in Indian Paints Industry after Asian Paints, with great penetration in Industrial paints segment.
The industry has been facing pressure from rising competition with entry of other players like Grasim.
As a result of missing latest quarter estimates, the share has corrected from ATH of 872 to 580 levels ~ 35% down.
I believe...
Asian Paints
The Chart set up
- Since Oct 2022 the stock has been trading in a channel
- chart is not strong but with crude prices stabilizing at lower side it favors the sector as oil is one of the major raw material.
___________________________________________________________________________________________________________________________
Trading plan
One...
NSE:ASIANPAINT
All important levels are marked on chart.
asian paints bearish movement.
please always use stoploss to avoid big drawdowns.
Use position sizing according to your stop loss level.
like this idea if you find it useful and please share with your friends.
keep learning,
happy trading.
Thankyou.
NSE:ASIANPAINT is in downtrend in short term and if it breaks 3k levels then it can show 2900, 2700 & 2600 levels soon. But it would be a good buy at 2600.
Asian Paints
CMP 3158
63 day EMA is at 3179
21 day EMA at 3158
Stock is struggling to sustain above 63 day EMA
Given the set up one may consider to sell Asian Paints Dec expiry 3200 Call option currently around 52
SL / Exit if closing in Spot is above 3226
Take care & safe trading...!!!
Like and share
Disclaimer
- The view expressed here is my personal...
TWT_SUPER_POINT has captured the reversal point for Asianpaint
Go for Short opportunity
Use TWT_SUPER_POINT indicator for such fantastic turning point alerts.
