ASIANPAINT is ready to breakout from a decent consolidation which was
under construction for more than 1 month.
It has formed a pennant pattern after a strong up move and now it seems that
the stock is ready to resume the up trend again.
The rising RSI further confirms the strength of the stock.
Hello Friends,
As the prices of crude oil dropping the scrip is moving higher high. Now the scrip is trading near ATH and getting it self ready for another breakout to reach ATH. Consolidating near resistance and forming a Flag type pattern. Once the resistance is broken then we may see a strong up-move in this scrip,
#Note -The purpose is for analysis for ...
Flag and Pole was formed in 1hr TF, the target has almost been achieved.
There is a crucial level of 3563 is a strong resistance.
Price increasing and Volume is decreasing also indicates bearishness.
On top of the trend price is forming a bearish divergence.
On a daily timeframe, there is a inside bar formation.
Short aisan paint below 3300
Swing trade with sl 3415
With 2 target 3110 , 3050
Based on price action
Disclaimer - I'm not responsible for profit or loss consult your financial advicer before any investment or trade
KINDLY SWITCH TO 5MIN TIME-FRAME
Used my Analysis on 15min chart. Traded on 5min Time-frame.
After Breaking of Resistance saw volume in the candle and traded it.
Profit Booked 1:2.5
Keep following Liking I will give trading setup on weekend.
Brent crude oil has crossed the mark of 99 , since we know that the rise in oil prices leads to pressurization in paint prices,
Asian paint looks weak though. enter as previous day low breaks for the target of 3281 and 3188.
I am not sebi registered , you are responsible for your profits and losses.
Looks like a bullish flag pattern has formed on asian paints chart in all time frame. Entry could be taken after the breakout is confirmed.
Looks good for positional trade.
After continuous falling today on the hourly chart we have seen a bullish Engulfing candle at the support level. This indicates a high probability that stock can turn up from the current level. long entry can be taken @ 3012 for the next 100-150 points. SL can be placed below the support level. This is for your educational purpose only.
NSE: ASIANPAINT
If Breaks Then The Targets could be Taken at 3074
Time Frame :- 1 Day
Patterns Name :- Inverse Head and Shoulders
We are not responsible for any profit or loss
Based on Your Own Risk this is only to Show you the Current Pattern
Comment Below If You want to ask me questions on this on any other idea
BTW Like and Follow if you like this awesome...
Asian paints has formed cup and handle pattern. Falling crude prices would benefit the stock and can move above 3100. Enter above 2800 for a target of 3100 ++ and SL of 2688
Levels and Ideas given in the Chart.
Keep Patience and trade with reversal or Breakout strategy near POC level.
Try to understand psychology of market.
If you like the idea, do not forget to support with a like and follow.
Above is purely my opinion. It doesn't mean that you need to trade accordingly. Please note that I'm not Sebi registered advisor or...
stock may reverse from ressistance line so if you want to invest then wait for reversal from ressistanse line and wait for support.
rsi also near ressistance line and it may go for reversal from there.
