Asian Paints after rallying from 860 levels has given a major trendline break .... A Break & Close below 1098 levels would give confirmation of Double Top with a target of about 1015 ... Interestingly 20 EMA on Monthly time frame which has acted as strong support for the stock (since 2008) is at 1010 making it a good entry point for investors.
Bearish Engulfing pattern formed with significant volume. Closed near day's low. MACD in imminent bearish crossover. Aggressive trade, keep trailing stops and use indicated zones to book profits. Dow theory suggests that this could be the completion of Double top pattern with significant resistance at 1170 levels